RegTech 100 company Digital Reasoning, which uses AI to understand human intentions and behaviours, has raised $30m in new funding.
The round was led by BNP Paribas with participation from Barclays and Square Capital, as well as previous investors Goldman Sachs, Nasdaq, Lemhi Ventures, HCA, and the Partnership Fund for New York City. As part of the new funding, Angel Rodriguez-Issa, Global Head of Strategic Investments, Global Markets at BNP Paribas, has joined Digital Reasoning’s board of directors.
Digital Reasoning said it will use to new capital to expand its product portfolio for capital markets and wealth management use cases, accelerate key AI innovations across speech analytics, natural language understanding, and machine education and expand its go-to-market capacity.
Tim Estes, president and founder of Digital Reasoning, said: “The new investment will enable us to use our novel and patented AI technology to turn all forms of communications data – including now audio and voice data – into discoverable, understandable, and actionable insights that help to accelerate customer-centric data strategies in the world’s largest Enterprises.”
Founded in 2000, Digital Reasoning is headquartered in Nashville, Tennessee, with offices in Washington, D.C., New York and London. Its platform, Synthesys, claims to help financial institutions think holistically as they transform the way they analyse their information and uncover new insights. It helps enterprises, financial services institutions, government agencies and healthcare organizations reveal concealed relationships, risks and opportunities. Using cognitive computing, Synthesys mitigates threats and risk, and safeguarding regulatory compliance across the financial services industry
Banks using Synthesys have increased monitoring from 5% to 100% of employees, but with reduced false alerts.
“Global financial institutions are turning to AI to help drive digital transformation in order to improve revenues and efficiencies,” added Brett Jackson, CEO of Digital Reasoning. “The speed and accuracy of Digital Reasoning’s AI system transforms large quantities of structured and unstructured data about employees, clients, and competitors into valuable human-centric business insights. We are excited to partner with BNP Paribas and other investors and customers to enable them to reshape their businesses.”
Last year, Digital Reasoning was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
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