Digital Reasoning reveals $40m funding round and Standard Chartered partnership
US-based artificial intelligence (AI) fintech Digital Reasoning announced its investment from Standard Chartered Bank’s innovation arm SC Ventures, bringing its Series D-1 funding round total to $40 million.
As well as investing, Standard Chartered will also partner with the AI firm to expand its communications surveillance products across Asia Pacific, Middle Eastern and African markets.
Digital Reasoning wants to expand into Asia Pacific, Middle Eastern and African markets
Digital Reasoning uses AI to understand human communication in an array of languages. Its product Synthesys reads data from any source, picking out what’s valuable whilst reading a ‘dynamic knowledge graph’ to help financial services, among other industries, to find “concealed relationships, risks and opportunities”.
The fintech’s founder Tim Estes highlights the importance of an “increased understanding of diverse languages and contexts across numerous cultures”, and how AI can be used as a democratising tool to break into and include new markets.
SC Ventures’ global head Alex Manson says “fighting misconduct and unethical behavior in financial services is a non-negotiable commitment as a bank, a task rendered even more complex by our digitally connected financial system.”
Manson believes Digital Reasoning is a “leader” in its field of conduct surveillance and well-positioned to help the financial industry fulfil its moral commitment.
The fintech’s Series D-1 funding round had a first close last year, led by BNP Paribas with participation from Barclays, Square Capital, Goldman Sachs, Nasdaq, Lemhi Ventures, HCA, and the Partnership Fund for New York City.
