Amenity Analytics has completed its A round, raising $7.6 million in the company's first substantial financing round. Amenity Analytics uses artificial intelligence that revises itself to derive insights from any type of text. "Processing of natural language by the platform requires minimal programming and support, which saves a lot on costs, compared with other approaches to artificial intelligence," the company says in its announcement. Customers use Amenity Analytics' platform in order to get data from documents submitted to regulators, transcriptions of conference calls, news, social media, research reports, etc. A number of Fortune 100 companies and major hedge funds are among the companies already using Amenity Analytics' development.
According to its announcement, the company's technology combines principles of text mining systems and machine learning technology in order to create even more sophisticated 5G technology. Amenity Analytics cofounder and CEO Nathaniel Storch said in the company's announcement, "Amenity Analytics is already providing results in the analytics field. These substantial investments reflect the appetite for utilizing artificial intelligence to provide information that can be translated into action. It serves as a reminder that a lot more work is needed in order to bring the advantages of artificial intelligence to the world of business."
Amenity Analytics cofounder and chief scientist Ronen Feldman says, "Many have tried to solve the challenge of extracting messages from a textual database from various angles, but the challenge remains, and continues to grow as the volume of textual databases increases. While companies in our time are investing sizeable sums in databases and their analysis, it is difficult to derive precise insights from textual databases. Amenity Analytics was founded in order to make these insights accessible to all types of organizations."
Yuval Baharav, managing partner at State of Mind Ventures, which led the round, said, "Amenity Analytics is doing more than just reshaping the face of the industry. They are making analysis more precise than ever before, with a great saving to customers in time and money. Amenity Analytics' artificial intelligence system corrects itself. From now on, it will enable businesses to actually use larger quantities of information through an incomparably precise, high-speed, extensive, and comprehensive platform."
What the company does: A text analysis platform
Founders: CEO Nathaniel Storch and Ronen and Hedva Feldman (chief scientist and COO)
Total capital raised to date: $7.6 million
Number of employees: 15, including nine in Petah Tikva
Principal shareholder: State of Mind Ventures
Source: IVC Online and the company itself
Published by Globes [online], Israel Business News - www.globes-online.com - on August 21, 2017
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