DeepSee.ai, a knowledge processing InsurTech, said it has raised $22.6 million in new financing, money that will help expand its initial client base beyond capital markets and insurance verticals.
ForgePoint Capital led the round, though previous investors AllegisCyber Capital and Signal Peak Ventures also participated.
DeepSee’s total funding to date is now $30.7 million. The series A funds will be used to accelerate product development and expand the platform beyond the capital markets and insurance verticals. Sean Cunningham, Managing Director of ForgePoint Capital will join the DeepSee Board of Directors.
The company describes its Knowledge Process Automation Platform as a new category of “people-first automation products and services” that evolved from what it said is frustration with “the widespread failure” of AI-driven productivity projects to deliver value. Its Knowledge Process Automation Platform mines unstructured data, and then uses insights aided by AI to create automated results that companies (initially in capital markets and insurance) can use.
DeepSee.ai brings together a leadership team from Oracle, Goldman Sachs, JP Morgan Chase, Solera Networks, Citibank, Novell, and the National Football League.
The DeepSee suite of information-to-insight applications is designed to be easy-to-use and cloud-agnostic, with deliver measurable operational improvements and efficiencies. DeepSee said its products integrate and leverage its customers’ existing systems and tools. Focus areas include complex risk analysis to critical compliance steps in post-trade reconciliations, according to the company.
DeepSee.ai is based in Salt Lake City, Utah.