Expert System, a global artificial intelligence company with many property/casualty insurance industry clients, raised $29.4 million in a new financing round.
Of that total, $20 million came from institutional investors and $9.4 million through the exercise of shareholder option rights. The money is slated to help fuel continued expansion in the U.S. and abroad.
Expert System is headquartered in Modena, Italy, and has a presence in Rockville, Md. in the United States. It operates through Europe, the Americas, Canada and the Middle East with an AI-related business focus on content enrichment, customer care, compliance, third party risk mitigation and intelligence applications. Insurance customers include AXA XL, Lloyd’s of London, Zurich Insurance Group and Generali. Bloomberg BNA, BNP Paribas, Rabobank, Dow Jones, Gannet, IMF and Ebsco are among its other global customers, according to the company.
The company describes its technology as a global platform “for the design, development, implementation and management of artificial intelligence [products and services] for a large number of enterprise use cases based on Natural Language Understanding and Natural Language Processing.”
So far in 2020, Expert System has raised $39.2 million in capital, including the $6.3 million sale of the 17 percent stake in CY4Gate, the $3.5 million capital increase in May and the new funding round.
With the new financing, the company also expanded its leadership team with the hiring of Colin Matthews as Chief Revenue Officer and Keith Lincoln as Chief Marketing Officer.
Matthews has 25 years of experience helping multinational enterprise SaaS companies build strong sales teams and scale revenue globally. Lincoln has 20 years of experience building, leading and scaling marketing teams in high-growth multinational SaaS companies.
Source: Expert System