Eigen Technologies, a U.Ok. startup that provides pure language processing (NLP) expertise to assist corporations extract significant information from paperwork, has closed a $42 million sequence B spherical of funding. This features a contemporary $5 million tranche from Dutch finance big ING, following an preliminary $37 million raise again in November.
Additionally, Eigen and ING introduced a deeper working partnership to ascertain “best-in-class NLP models” which can be absolutely geared towards information extraction within the monetary trade.
“This partnership will allow both companies to work closer together when implementing use cases through data and process analysis, so as to accelerate Eigen’s advantage in NLP, as well as ING’s digital transformation,” mentioned ING Ventures CEO Benoît Legrand.
Founded out of London in 2014, Eigen is a machine studying (ML) firm that makes it simpler for shoppers working in monetary, authorized, and related sectors to unlock insights and information from their unstructured information, which can be saved in disparate doc varieties in a number of areas. Eigen’s algorithms scan texts to establish patterns and supply solutions to particular questions.
For instance, an organization might use Eigen to search out out whether or not curiosity on loans contained inside a spread of paperwork is predicated on LIBOR — an rate of interest benchmark that’s being phased out in 2021. Eigen could be deployed on premises or within the cloud, and its instruments combine with current inside programs.
While typical AI and machine studying programs must be skilled on massive information units, Eigen guarantees to be taught from only a handful of consumer examples. Crucially, it doesn’t depend on document-specific fashions, as an alternative working throughout the board. It could be utilized to contracts to make sure they adjust to laws, spot patterns that will point out fraudulent exercise, cut back the time it takes to hold out due diligence, and extra.
Above: Eigen Technologies makes use of pure language processing to parse hoards of paperwork.
Eigen already claims some main shoppers, together with Goldman Sachs, BlackRock, and its newest strategic backer, ING.
“Eigen offers a strategic capability in the intelligent operations domain, deployed in use cases across retail, as well as wholesale banking,” Legrand mentioned.
As one of many largest banks on the planet, ING ought to assist expedite the uptake of machine studying within the monetary companies sector. Indeed, ING is already utilizing Eigen’s NLP in particular areas, comparable to mortgage operations and LIBOR substitute. As a part of their new partnership, this effort can be expanded to areas comparable to SME banking and commerce finance.
Eigen, which was named certainly one of CB Insights’ prime 100 AI corporations on the planet, has now raised north of $60 million since its inception.