Skymind, an AI-powered data science company, has scored $11.5m in its Series A round of funding.
Silicon Valley-based venture capital firm TransLink Capital led the round of funding. Participation also came from ServiceNow, Sumitomo’s Presidio Ventures, UpHonest Capital, and DCode with GovTech Fund, as well as previous backers Y Combinator, Tencent, Mandra Capital, Hemi Ventures, and GMO Ventures.
This round brings the company’s total funding efforts to $17.9m. As part of the deal, TransLink Capital co-founder and managing director Toshiya Otan will join the Skymind board of directors.
The newly-raised funds will be used to further customer acquisition and expand its North American and Asian sales teams.
Skymind provides enterprises technology to build and train machine learning tools to help automate business processes. Its platform brings machine learning to a company’s big data stack whether its on-premise, in a cloud, or spread across devices.
The technology has been adopted to support transaction fraud identification, signature recognition, SIM Box fraud on mobiles, purchasing behaviour analytics, computer vision, automated insurance, and object detection.
Companies can implement the AI to identify incidents of known or unknown fraud methods from within the system.
Insurance companies can leverage the solution to support its claim processing, customer acquisition and retention, insurance advisory and underwriting.
Skymind founding CEO Chris Nicholson said, “AI and machine learning are no longer on the enterprise wish list, they are a ‘must have’ as successful companies embrace the automation, predictive analytics and efficiency that AI provides.
“From the beginning, we have focused on creating an AI framework that will sustain companies for years to come, covering everything from data pipelines to algorithm training to model lifecycle management. Today’s financing is a validation of our approach and technology.”
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