Amenity Analytics has raised USD7.6 million in a Series A round of funding led by an investment from State of Mind Ventures.
Additionally, Yuval Baharav (pictured), managing partner of State of Mind Ventures, has joined the company’s board of directors. The funding will be used to accelerate product development and to scale sales and marketing.
Amenity Analytics’ platform uses self-correcting artificial intelligence to unlock insights in any kind of text. Their highly-accurate natural language processing requires minimal coding or special information technology support – a significant hidden cost in other AI approaches. Clients have used Amenity’s platform to identify and extract data from regulatory filings, conference call transcripts, news, social media, research reports and more. Companies already using Amenity include several Fortune 100 Companies and major hedge funds.
Co-founded in 2015 by finance industry veteran Nathaniel Storch, experienced technology executive Hedva Feldman and machine intelligence scientist Professor Ronen Feldman, Amenity Analytics combines advanced text mining principles with developments in machine learning to create even more sophisticated fifth-generation technologies. Such breakthroughs can largely be attributed to Feldman, who has innovated text mining technology with two previous companies, 80+ academic works in the field and a landmark book titled Text Mining Handbook: Advanced Approaches in Analyzing Unstructured Data.
“Amenity Analytics is doing more than reshaping an industry. They are making analytics more accurate than ever before while saving clients substantial time and money, and we are happy to help them,” says State of Mind Ventures Managing Partner Yuval Baharav. “With Amenity’s self-correcting AI system, businesses will now have a new way to actually use stockpiles of information, using a platform of unparalleled accuracy, speed, scope and scale.”
“We’re grateful for our investors and proud that Amenity Analytics is already delivering results in the analytics space,” says Amenity Analytics Co-founder and CEO Nathaniel Storch. “These sizable contributions signify an appetite to utilise AI to deliver actionable intelligence and also serve as a reminder that more work must be done to bring the benefits of artificial intelligence to the business world. Amenity is officially on the map, and we look forward to continuing to perfect our platform and attracting more talent.”
“The challenge of extracting accurate signals from text based data has been attacked in many different ways, but the problem persists and is only becoming more overwhelming as the amount of text based data continues to grow,” says Amenity Analytics Co-founder and Chief Scientist Prof. Ronen Feldman. “While today’s enterprises have made massive investments in data and analytics, accurate insights from text based data remain elusive. Amenity Analytics was founded to make insights from text based data more accessible to almost any organisation.”