Forge.AI, a Cambridge, MA-based artificial Intelligence platform that simply transform up the unstructured information into the structured machine ready data has now secured $11 million in the funding round of Series A.
The round was led by the Underscore VC with the collaboration from the Boston Seed Capital, Accomplice, Imagination Capital, and Project 11 Ventures. The funding now will be going to be used to accelerate the go to market activities, hiring and product development.
The startup is co-founded b the Jim Crowley and Jack Crowley in 2017. Forge.AI uses both the self-learning knowledge graph and natural language understanding technologies to transform publicly available text-heavy content such as the social media, news reports, SEC filings, financial reports, into knowledge-rich, structured event feeds. Data science and the engineering team then apply these events feeds directly into their company analytical decision making processes and infrastructure.
Forge.AI initially focused more on the financial services and the public sector. Financial services such as the Vanguard Group, which is as of now uses its platform to structure and source their acquisition of critical knowledge from the unstructured data sources.
“Businesses use Forge.AI's event feeds to open up fundamentally new data sets so they can better analyze risk, improve predictive capabilities and ultimately make better decisions for their organizations,” said Jim Crowley, CEO, and co-founder of Forge.AI. “Our goal is to empower businesses with the real-time, mission-critical data that can meaningfully impact and change their business. We enable teams to model the world in new ways, be more efficient and apply their energies to the actual analysis versus drowning with intense ‘data wrangling' challenges associated with unstructured data.”
“Over the next few years, companies like Vanguard will differentiate themselves from their competitors by harnessing machine-readable information for the benefit of clients, employees, and shareholders alike,” added Warren Pennington, principal and head of FinTech for Vanguard's Investment Management Group. “Through our partnership with Forge.AI, Vanguard is looking at data in fundamentally new ways, and we are using this data to enhance our business in areas like the client experience, internal operations, and economic analytics.
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