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Accern, which uses AI to analyze online conversations around particular companies, trends and industries, today announced that it raised $20 million in a Series B round co-led by Mighty Capital and Fusion Fund alongside Tribe Capital, Shasta Ventures, Gaingels, and others. CEO Kumesh Aroomoogan says that the new capital will be put toward “product-led growth,” expansion into new markets and R&D on Accern’s AI technologies.
“More than 80% of the world’s data is unstructured. Unstructured data requires a hyper-manual process to structure data at scale, consuming expensive data science resources throughout an organization,” Aroomoogan told TechCrunch via email. “Due to the extreme human capital and time costs, unstructured data isn’t efficiently analyzed and is often left out of historical data decisions. The end result affects all organizations’ decision-making capabilities and adds additional risk to their respective portfolios and balance sheets.”
To customers, Accern provides AI-powered apps and natural language processing (NLP) models trained to recognize, classify and extract domain-specific financial language. The service can scan public sources, including news publications, blogs and SEC filings, to gauge consumer sentiment, for example, or predict how supply chain disruptions might impact a business.