Amenity Analytics, an AI-powered insights platform, has closed its Series B on $18m, to support the growth of its team.
The capital injection was led by insurance firm STARR Companies and its CEO Hank Greenberg. Other participants of the round include Allstate and previous backers Intel Capital and State of Mind Ventures.
Following the close of the round, the company will look to further the growth of its team and the development of its technology.
Amenity utilises natural language processing technology to help institutional investors, insurance firms, media organisations and other firms to process text documents and generate insights in real-time. The company aims to help executives make more informed decisions, improve company performance and gauge consumer response.
Its cloud-based analytics solution is used by insurers to aid with their underwriting and claims processes. The AI technology can identify areas of exposure hidden in SEC filings or other documents, and can also alert underwriters of disclosures, legal actions, precedents or other risks.
Finance and banking firms can also use Amenity to convert unstructured data into real-time insights to help analysts better identify opportunities and strategic responses.
Intel Capital senior managing director and chief operating officer Nick Washburn said, “Since its initial round of funding, Amenity has demonstrated an ability to advance its technology not only to serve the financial industry, but also to uncover applications for insurance and a variety of other sectors.
“Today’s most sophisticated financial institutions can uncover meaningful insights and drive business value by applying Amenity’s novel NLP techniques to their growing volumes of unstructured text.”
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