Squirro raises funds, acquires open.exchange, teams with ECB

Squirro, an augmented intelligence platform that helps assess risks to banks, has reportedly raised $4m in funding and acquired US deal sourcing platform open.exchange.

It acquired open.exchange from BuildGroup and hopes the deal will expand its reach in the US, according to a report from Tech.eu.

As part of the deal, open.exchange will integrate with Squirro’s existing applications to build a rounded offering. It also hopes it can boost the speed and flexibility of its platform.

Alongside this, Squirro has signed an agreement with the European Central Bank (ECB), which sees it supply the bank with its Engine and Insights solution. Squirro is already working with central banks, including Bank of England and German Bundesbank.

The company’s Insight Engine improves access to information by connecting all data sources and applying natural language and machine learning to deliver the right information to users at the right time.

This is then augmented by the Squirro Risk Insights solution, which monitors and contextualises all relevant risk factors. Teams are given insights and best-action recommendations to assess and mitigate ongoing risk levels.

Squirro CEO and co-founder Dr. Dorian Selz said, “We work with some of the world’s biggest and best-known banks and regulatory institutions, confirming our position as a visionary and trusted Augmented Intelligence company.

“Our Insight Engine overhauls enterprise access to information, providing relevant and context-based results to improve the efficiency of business processes. In addition, our Risk Insights solution provides more effective risk mitigation, supporting the digital transformation processes in financial services institutions.”

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