Photo: Amenity Analytics
New York-based AI and natural language processing company Amenity Analytics announced it has raised $18 million in Series B funding led by insurance giant Starr Companies and its CEO and chairman Hank Greenberg. New investor Allstate participated in this round along with existing investors Intel Capital and State of Mind Ventures.
“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 Amenity Analytics CEO Nathaniel Storch.
What does Amenity do? The company uses natural language processing (NLP) and cloud-based analytics solutions to help institutional investors, insurance companies, media companies, etc. rapidly process and comprehend complex text documents in order to deliver actionable insights.
“We continually look for innovative capabilities that enhance our customers’ experience and improve our business operations,” added 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.”
Amenity is also able to quickly identify key commentary and determine the critical indicators and statements that help executives make business decisions, drive company performance, and review sentiments among a given audience.
“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,” noted Intel Capital senior managing director and chief operating officer Nick Washburn. “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.”
Amenity’s proprietary NLP technology is often used from large scale text sources including regulatory filings, earnings call transcripts, social media activity, research reports, and news coverage.
“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,” SOMV managing partner Yuval Baharav commented. “I am certain, that with this additional funding Amenity will able to further accelerate its growth and extend its technology leadership.”
Storch pointed out that this funding round provides the companies with the resources needed to further grow its team and push the boundaries of where the company’s technology can be applied.
“We are excited to partner with Amenity Analytics to further develop use cases for insurance and accelerate AI innovations,” Greenberg explained.
