DeepSee.ai, a startup that helps enterprises use AI to automate line-of-business problems, today announced that it has raised a $22.6 million Series A funding round led by led by ForgePoint Capital. Previous investors AllegisCyber Capital and Signal Peak Ventures also participated in this round, which brings the Salt Lake City-based company’s total funding to date to $30.7 million.
The company argues that it offers enterprises a different take on process automation. The industry buzzword these days is ‘robotic process automation,’ but DeepSee.ai argues that what it does is different. I describe its system as ‘knowledge process automation’ (KPA). The company itself defines this as a system that “mines unstructured data, operationalizes AI-powered insights, and automates results into real-time action for the enterprise.” But the company also argues that today’s bots focus on basic task automation that doesn’t offer the kind of deeper insights that sophisticated machine learning models can bring to the table. The company also stresses that it doesn’t aim to replace knowledge workers but help them leverage AI to turn the plethora of data that businesses now collect into actionable insights.
“Executives are telling me they need business outcomes and not science projects,” writes DeepSee.ai CEO Steve Shillingford. “And today, the burgeoning frustration with most AI-centric deployments in large-scale enterprises is they look great in theory but largely fail in production. We think that’s because right now the current ‘AI approach’ lacks a holistic business context relevance. It’s unthinking, rigid, and without the contextual input of subject-matter experts on the ground. We founded DeepSee to bridge the gap between powerful technology and line-of-business, with adaptable solutions that empower our customers to operationalize AI-powered automation – delivering faster, better, and cheaper results for our users.”
To help businesses get started with the platform, DeepSee.ai offers three core tools. There’s DeepSee Assembler, which ingests unstructured data and gets it ready for labeling, model review and analysis. Then, DeepSee Atlas can use this data to train AI models that can understand a company’s business processes and help subject-matter experts define templates, rules and logic for automating a company’s internal processes. The third tool, DeepSee Advisor, meanwhile focuses on using text analysis to help companies better understand and evaluate their business processes.
Currently, the company’s focus is on providing these tools for insurance companies, the public sector and capital markets. In the insurance space, use cases include fraud detection, claims prediction and processing, and using large amounts of unstructured data to identify patterns in agent audits, for example.
That’s a relatively limited number of industries for a startup to operate in, but the company says it will use its new funding to accelerate product development and expand to new verticals.
“Using KPA, line-of-business executives can bridge data science and enterprise outcomes, operationalize AI/ML-powered automation at scale, and use predictive insights in real time to grow revenue, reduce cost, and mitigate risk,” said Sean Cunningham, Managing Director of ForgePoint Capital. “As a leading cybersecurity investor, ForgePoint sees the daily security challenges around insider threat, data visibility, and compliance. This investment in DeepSee accelerates the ability to reduce risk with business automation and delivers much-needed AI transparency required by customers for implementation.”