Extended Series D-1 funding will enable the AI company to continue momentum in financial services and drive innovation in rapidly growing international markets
NASHVILLE, Tenn., Sept. 17, 2019 (GLOBE NEWSWIRE) — Digital Reasoning, a leader in Artificial Intelligence (AI) that understands human intentions and behaviors, today announced a strategic investment from SC Ventures, the innovation, ventures and fintech investments unit of Standard Chartered Bank, bringing its Series D-1 funding round total to $40 million. In addition to this investment, Digital Reasoning will partner with Standard Chartered Bank to expand its financial services product offerings in Communications Surveillance across Asia Pacific, the Middle East, and other international markets.
“Digital Reasoning is the leader in communications analytics, identifying and finding key risks and insights from human language and behavior. Doing this requires an increased understanding of diverse languages and contexts across numerous cultures,” said Tim Estes, Founder and President of Digital Reasoning. “Standard Chartered is a leading global bank with a very diverse footprint. Through the partnership, we believe we can accelerate our solutions’ applicability across Asia, the Middle East, and Africa. Together we will further democratize using AI to understand the languages in markets where these new solutions can be used for good.”
The investment from SC Ventures will enable Digital Reasoning to continue its market leadership position in e-communications and Voice Surveillance for Compliance, as well as expand into other adjacent use cases within financial institutions globally. Additionally, it will support Digital Reasoning’s efforts to broaden its pre-trained model catalog to support growth in financial markets across Asia, the Middle East, and Africa.
Alex Manson, Global Head of SC Ventures, said: “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. Digital Reasoning is a leader in Conduct Surveillance and well-positioned to help our industry fulfill that commitment.”
Digital Reasoning’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. Macquarie subsequently invested in this funding round, with SC Ventures now being the latest investor to contribute.
Randi Schochet | randi.schochet@
About Digital Reasoning
Digital Reasoning is a global leader in Artificial Intelligence that understands human intentions and behaviors. Our award-winning AI platform automates key tasks and uncovers transformative insights across vast amounts of human communications for many of the world’s leading financial services and healthcare organizations. For more information go to www.digitalreasoning.com and follow on Twitter at @dreasoning.
About SC Ventures
SC Ventures is Standard Chartered Bank’s innovation, fintech investment and ventures unit. Focused on “rewiring the DNA in banking”, SC Ventures aims to develop an innovation culture and mindset, deepen capabilities and experiment with new business models through an open platform and network of people and partnerships. It runs an eXellerator innovation lab network across Singapore, Shanghai, Hong Kong, London, Nairobi, and San Francisco.
For more information, please visit: http://scventures.io/