Artificial intelligence (AI) and machine learning (ML) can be a gamechanger for the financial sector in terms of boosting operational efficiency by extracting key data when and where it’s needed. Already we can see financial transactions — once made by humans — now, in many cases at least, being done with AI as the primary agent.
This will only become more common as we move further into the decade. The Deep Tech Insider will now give you the lowdown on four of the most exciting, most innovative companies in this sector.
1. SS&C Technologies
SS&C is a public company and global provider of investment and financial services and software for the financial services and healthcare industries. Founded in 1986 and headquartered in Windsor, Connecticut, the company is home to 24,000+ employees across 100+ office locations in 40 countries globally.
With 18,000+ clients spanning across the health and financial services industries, our customer’s needs and requirements are always at the forefront of our strategy. Named to Fortune 1000 list as top U.S. company based on revenue, SS&C is headquartered in Windsor, Connecticut and has 22,000+ employees in over 150 offices in 35 countries. Some 18,000 financial services and healthcare organizations, from the world’s largest institutions to local firms, manage and account for their investments using SS&C’s products and services.
Its acquisition of Oakland, California-based Captricity in 2020, an enterprise-level AI solution company founded in 2011 by Kuang Chen, gave SS&C’s access to Captricity’s platform that extracts and enhances data from any customer channel — even handwritten documents — with powerful throughput, speed and accuracy that surpasses humans.
AppZen is the leader in Finance AI software built to deliver autonomous processing for modern finance teams. Its patented AI software uses deep learning, semantic analysis, and computer vision to accurately and efficiently process intelligence from thousands of data sources, documents, and images so that organizations can better understand financial transactions and make smarter business decisions.
Founded in 2012 by Anant Kale and Kunal Verma and based in San Jose, California, over 1,000 global enterprises — including one-third of the Fortune 500 — use AppZen’s Expense Audit and Autonomous AP products to replace manual finance processes and accelerate the speed and agility of their business.
In the nine years since it was founded, AppZen has raised a total of $100.6 million over seven rounds.
With headquarters in Austin, Texas, CognitiveScale was founded in 2013 by Akshay Sabhikhi and Matt Sanchez. Having pioneered the concept of ‘Trusted AI”, paving the way for responsible Enterprise AI development worldwide, CognitiveScale’s IP is backed by 164 AI patents.
Its Cortex platform empowers data scientists and citizen developers to build, understand and analyze intelligent, transparent and trusted AI systems using any data, on any cloud. By simplifying the development, deployment and management of AI systems, CognitiveScale is revolutionizing how organizations across industries–healthcare, financial services, insurance and digital commerce– engage with customers, optimize services and deliver on bottom-line goals — all while protecting them from business risk.
CognitiveScale is recognized by the World Economic Forum for positively impacting business and society through AI with active investment from Norwest Venture Partners, Intel Capital, IBM Watson, M12 (Microsoft Ventures), and USAA and over five rounds, CognitiveScale has raised some $40 million in funding.
WorkFusion is accelerating the world’s transition to more meaningful work. Its Intelligent Automation solutions are powered by pre-trained bots, proprietary AI technology, and advanced analytics, working together to automate a wide range of business processes. Leading organizations worldwide use WorkFusion to automate their operations with ease and speed, helping them up-skill employees, reduce costs and unlock growth like never before.
Founded in 2010 by Max Yankelevich, Andrew Volkov and Mikhail Abramchyk, WorkFusion is headquartered on Wall Street in New York City with teams throughout the U.S., Europe and Asia. As far as financial considerations go, the company has raised an incredible $341.3 million over seven rounds. Its latest funding in March of this year, a $220-million Series F round, just goes to show how much trust venture capitalists have in the global intelligent process automation market.