Forge.AI, a company which uses machine learning to analyse unstructured data, has pulled in $11m in its Series A round.
The capital injection was led by Underscore VC, with participation also coming from Accomplice, Boston Seed Capital, Imagination Capital and Project 11 Ventures.
Founded in 2017, the company uses machine learning technology to generate insights from unstructured data, in order to help financial services and governments. The platform supports financial services with their risk management, investment management and research.
It works by continuously monitoring an ever-expanding collection of data sources to identify and capture new information. After this, it transforms the information to extract and resolve events, entities, relations, topic classification, models, summaries and stats. These events are then put through machine-readable data feed to provide users with a real-time access to insights.
The company’s solution is used by a number of financial institutions including The Vanguard Group.
With this burst of funding, the company will look to foster the growth of its team, with plans to hire more talented, energetic, and smart professionals, and create a more diverse workforce.
Equity is also going to be put towards investing into AI research and development, engineering product management and bolster its go-to-market strategies.
Forge.AI co-founder and CEO Jim Crowley said, “The new capital also enables us to both harden our platform and accelerate new capabilities. We believe that organizations large and small will plug into Forge.AI so they can leverage unstructured data as fuel for their algorithms – fuel that allows them to better identify risk, make new types of predictions and to see the world in new ways.”
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