Accern Announces $20M Raised in Series B Funding

Accern Corp. has announced a successful Series B funding round resulting in $20 million. This capital will be directed towards “product-led growth” and specifically R&D efforts for their AI technologies.

Accern is focused on accelerating AI workflows for financial service enterprises using a no-code AI platform. They’ve conducted extensive R&D to create adaptive Natural Language Processing (NLP) and forecasting features to meet the needs in a wide range of AI use cases. While they started out by curating a narrow set of financial information pertaining to stocks, they then broadened their scope to other areas including credit and fraud monitoring.

“Accern’s enterprise focus is to accelerate innovation by providing organizations with … models that enable them to more efficiently transform their unstructured data into real business intelligence — while cutting down on time and costs,” Kumesh Aroomoogan, Cofounder of Accern, said. “Many of our customers use us to enhance their existing models, business intelligence dashboards and products with new features from text data in a no-code workflow.”

The no-code aspect of the product means any business can begin gathering data and gaining insights into their business. The system takes care of it for you , so no data science background is needed. It further cuts down the time needed to gain those insights, turning mass amounts of unstructured textual data (eg. news, social media, financial filings) into insights without the need for any code at all.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

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