deepsee.ai Secures $22.6M Series A Funding

DeepSee.ai Secures $22.6 Million in Series A Funding

DeepSee.ai, a company specializing in AI-driven automation for enterprise-level challenges, has announced the successful completion of a $22.6 million Series A funding round. The investment was spearheaded by ForgePoint Capital, with participation from existing investors AllegisCyber Capital and Signal Peak Ventures.

This latest funding brings the total capital raised by the Salt Lake City-based startup to $30.7 million. DeepSee.ai is positioning itself as a distinct player in the automation landscape.

A Different Approach to Automation

While “robotic process automation” is a prevalent term, DeepSee.ai differentiates its approach. The company characterizes its system as “knowledge process automation” (KPA).

KPA, as defined by DeepSee.ai, involves extracting insights from unstructured data, applying AI-powered analytics, and translating these findings into immediate, actionable results for businesses.

The company emphasizes that current automation bots often concentrate on rudimentary task automation, lacking the sophisticated analytical capabilities of advanced machine learning. Furthermore, DeepSee.ai aims to augment, not replace, knowledge workers, empowering them to transform data into valuable, actionable intelligence.

Image Credits: DeepSee.ai

Bridging the Gap Between Technology and Business

According to DeepSee.ai CEO Steve Shillingford, executives are prioritizing tangible business results over experimental AI projects. He notes a growing dissatisfaction with AI deployments that perform well in theory but struggle in real-world applications.

Shillingford believes this stems from a lack of contextual business relevance in the current “AI approach,” describing it as inflexible and lacking the input of subject-matter experts. DeepSee.ai was founded to connect powerful technology with practical business needs, offering adaptable solutions that facilitate AI-powered automation.

Core Tools for AI-Powered Automation

DeepSee.ai provides three primary tools to assist businesses in implementing its platform:

• DeepSee Assembler: This tool prepares unstructured data for labeling, model evaluation, and analysis.
• DeepSee Atlas: Utilizing the processed data, DeepSee Atlas trains AI models to understand business processes and enables experts to define automation templates and rules.
• DeepSee Advisor: This component employs text analysis to enhance understanding and assessment of business processes.

Focus Industries and Future Expansion

Currently, DeepSee.ai is concentrating its efforts on the insurance, public sector, and capital markets industries. Within insurance, applications include fraud detection, claims forecasting, and identifying patterns in agent audits through unstructured data analysis.

While initially focused on these sectors, the company intends to utilize the new funding to accelerate product development and broaden its reach into additional verticals.

ForgePoint Capital’s Perspective

Sean Cunningham, managing director of ForgePoint Capital, stated that KPA empowers business leaders to integrate data science with enterprise outcomes. It enables scalable AI/ML-powered automation and provides real-time predictive insights for revenue growth, cost reduction, and risk mitigation.

ForgePoint Capital, a prominent cybersecurity investor, recognizes the security benefits of DeepSee.ai’s technology, particularly in addressing insider threats, enhancing data visibility, and ensuring compliance. The investment is expected to accelerate risk reduction through business automation and improve AI transparency for customers.