Investment fuels company’s leadership as the most advanced AI-powered Knowledge Process Automation platform
“Executives need business outcomes, not science projects,” says CEO Shillingford
DeepSee.ai, the leader in AI-powered Knowledge Process Automation, today announced it has closed $22.6 million in Series A funding led by ForgePoint Capital, with participation from previous investors AllegisCyber Capital and Signal Peak Ventures. DeepSee’s total funding to date is now $30.7 million. The series A funds will be used to accelerate product development and expand the platform beyond the capital markets and insurance verticals. Sean Cunningham, Managing Director of ForgePoint Capital will join the DeepSee Board of Directors.
The DeepSee Knowledge Process Automation (KPA) Platform represents a new category of people-first automation solutions in the wake of frustration with the widespread failure of AI-powered productivity projects to deliver value.
The funding validates the strength of the company’s successful rollout of its KPA Platform, and comes as the company’s proprietary technology is now registering “months to minutes” reductions in critical operational processes relevant to capital markets and insurance verticals.
Steve Shillingford, CEO of DeepSee.ai, said: “Executives are telling me they need business outcomes and not science projects. And today, the burgeoning frustration with most AI-centric deployments in large-scale enterprises is they look great in theory but largely fail in production. We think that’s because right now the current ‘AI approach’ lacks a holistic business context relevance. It’s unthinking, rigid, and without the contextual input of subject-matter experts on the ground. We founded DeepSee to bridge the gap between powerful technology and line-of-business, with adaptable solutions that empower our customers to operationalize AI-powered automation – delivering faster, better, and cheaper results for our users.”
Sean Cunningham, Managing Director of ForgePoint Capital, said: “ForgePoint Capital is honored to work with this team of industry experts who have proven track records achieving scale and attractive exit outcomes. The strong feedback from customers and our ForgePoint industry experts has made it clear the DeepSee Team has taken automation to the next level with KPA. Using KPA, line-of-business executives can bridge data science and enterprise outcomes, operationalize AI/ML-powered automation at scale, and use predictive insights in real time to grow revenue, reduce cost, and mitigate risk. As a leading cybersecurity investor, ForgePoint sees the daily security challenges around insider threat, data visibility, and compliance. This investment in DeepSee accelerates the ability to reduce risk with business automation and delivers much-needed AI transparency required by customers for implementation.”
DeepSee.ai brings together a seasoned leadership team and multiple-time category creators from Oracle, Goldman Sachs, JP Morgan Chase, Solera Networks, Citibank, Novell, and the National Football League.
The DeepSee suite of information-to-insight applications brings an easy-to-use, cloud-agnostic approach to deliver measurable operational improvements and efficiencies. DeepSee solutions are designed to integrate and leverage its customers’ existing systems and tools, and to work across an array of enterprise activities, from complex risk analysis to critical compliance steps in post-trade reconciliations.
According to Gartner, “The days of singular AI techniques are coming to an end. Software and service providers that cannot provide solutions combining multiple AI techniques through composite AI approaches will quickly find themselves at a disadvantage compared with those that can. The introduction of composite AI techniques, even within existing products, will have a profound impact on their capabilities.” Recently, DeepSee was recognized in Gartner’s October 2020 “Emerging Technologies and Trends Impact Radar: Artificial Intelligence” report as a sample provider in the Composite AI category.
Mahendra Ramsinghani, Managing Director of Secure Octane Investments, noted enterprise software strategist, and author of The Business of Venture Capital, said: “DeepSee.ai is building operational toolsets on top of powerful compute platforms, all delivered seamlessly via cloud-scale architectures to line of business workers. Since the disruptions of 2020, the pace of change in the world has never been faster and major sectors like capital markets and insurance are witnessing a nightmarish ‘triple witching’ of margin compression, increased competition, and suffocating regulatory pressure.”
Shillingford added: “What started out as a promise to increase business efficiencies, has largely turned into a failure to launch innovative solutions for today’s business leaders. DeepSee’s Knowledge Process Automation platform is providing businesses with the targeted AI-powered insights to exceed current implementation expectations. With KPA, people are in control, projects are operational, and our customers are reaping the benefits.”