Machine learning startup Taktile snares $4.7m in seed financing

German firm Taktile has reeled in $4.7m from a seed funding round led by Index Ventures.

Also participating in the round were Y Combinator, Plug and Play Ventures, firstminute Capital, Github, Datadog and UiPath.

Taktile is a technology firm that builds cloud-native software that underpins financial products. The company claims it focuses on financial services as they are a ‘critical backbone’ of modern society.

Taktile has built a software-as-a-service platform that helps financial services companies’ take advantage of machine learning to transform areas such as asset management and credit underwriting.

The business said its goal is to become the leading AI platform the banking industry. Taktile’s software is already being used to underwrite hundreds of thousands of loans every day.

Taktile CEO Maik Taro Wehmeyer said, “I have experienced machine learning generate significant business value for companies through better decision-making, but traditionally there has been a lot of hesitancy in moving forward. Some of it is cultural and some of it is technical.

“By bringing together a team with deep business and technical expertise, we believe that our platform can assist enterprises to finally realize the power of machine learning.”

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