Amenity Analytics secures $18 million Series B to help businesses transform text into meaningful insights with its NLP text analytics solutions
Amenity Analytics, an AI-enabled insights platform, has secured $18 million Series B round of funding to expand its team and continue the development of its cloud-based natural language processing (NLP) solutions to help businesses draw actionable insights from text on a massive scale. The round was led by insurance industry leader STARR Companies and their CEO Hank Greenberg. The deal also includes a new investment from Allstate, with participation from existing investors Intel Capital and State of Mind Ventures.
Founded in 2015 by Hedva Feldman, Nathaniel Storch, and Prof. Ronen Feldman, Amenity Analytics provides next-generation Text-Mining AI Platform. The startup has built a leading edge text analytics platform that allows customers to identify actionable signals from unstructured data. Using our offering business professionals can extract insights from today’s information overload.
Amenity’s proprietary NLP technology is used by Fortune 100 companies, hedge funds, financial exchanges, media companies, insurance firms and large consultancies to draw insights from large scale text sources ranging from regulatory filings and earnings call transcripts to news coverage, social media activity, and research reports. Gartner named Amenity Analytics a 2018 “Cool Vendor” in AI for Banking and Financial Services.
“Some of the most sophisticated minds on Wall Street already trust our technology to uncover insights that give their investment strategies an edge. The commitment from STARR, their legendary CEO Hank Greenberg, and a firm as well regarded as Allstate demonstrate the power of our platform in another important sector,” said Nathaniel Storch, CEO of Amenity Analytics.
“Over the past year we’ve assembled a dynamic team who has delivered a product that is only scratching the surface of its capabilities. This latest round provides us with the resources to further grow our team and to push the boundaries of where we can apply our technology,” continued Storch.
Amenity uses natural language processing (NLP) to help institutional investors, insurance companies, media organizations, and others to rapidly process and comprehend complex text documents and uncover real-time, actionable insights. Amenity can quickly identify key commentary and determine the critical indicators and statements that help executives make business decisions, drive company performance, and gauge sentiment among a given audience.
Hank Greenberg, Chairman and CEO of Starr Companies, commented, “We are excited to partner with Amenity Analytics to further develop use cases for insurance and accelerate AI innovations.”
“We continually look for innovative capabilities that enhance our customers’ experience and improve our business operations,” said Allstate Strategic Ventures’ Managing Director Tarik Galijasevic. “Amenity’s advanced NLP technology can help us do both by efficiently creating actionable insights from large volumes of text data.”
“Since its initial round of funding, Amenity has demonstrated an ability to advance its technology not only to serve the financial industry, but also to uncover applications for insurance and a variety of other sectors,” said Nick Washburn, senior managing director and chief operating officer of Intel Capital. “Today’s most sophisticated financial institutions can uncover meaningful insights and drive business value by applying Amenity’s novel NLP techniques to their growing volumes of unstructured text.”
“I am pleased to see the great progress that Amenity’s team was able to achieve since its last round of financing. Amenity was successful in becoming the technology leader in providing super-accurate NLP products to the finance and insurance industries, serving some of the biggest and most sophisticated companies and firms in the US, and displacing many previous-generation technologies and vendors,” commented Yuval Baharav, Managing Partner at SOMV. “I am certain, that with this additional funding Amenity will able to further accelerate its growth and extend its technology leadership.”