The funding comes as Allganize scales to meet the rising demand for artificial intelligence
Allganize announces that it has completed a $10 million financing led by Atinum Investment, with participation from Stonebridge Ventures, Sumitomo Mitsui Banking Corporation and existing investors. This brings the total funds raised by Allganize to $15 million since its founding in July 2017.
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Headquartered in the San Francisco Bay Area, Allganize uses natural language processing (NLP) to extract answers to users’ natural-language questions directly from millions of unstructured text documents without any manual preparation of training data. The technology is also able to automatically generate questions and answers from unstructured data.
Allganize has grown rapidly since its launch in 2017 and has acquired over 100 enterprise customers in the US, Japan, and Korea, including SMBC, Persol, Kao, JPower, KB Securities, Hyundai Card, and Smilegate. Allganize plans to use the investment to accelerate its research and development, global expansion, and increase headcount in 2021.
“Enterprises are looking for faster and more efficient ways to solve their business challenges. Our technologies are capable of extracting intelligent information at a speed and quality that not only meets our partners’ needs but helps them reimagine what’s possible,” states Allganize founder and CEO Changsu Lee. “The support from our investors allows us to move faster to meet the increasing demand for NLP — especially at a time of unprecedented growth.”
“Demand for NLP-enabled automation will continue to see rapid growth in the coming years,” said Kim Je-wook, Managing Director of Atinum Investment. “Allganize’s AI technologies are integrated within many enterprise customers with proven results. We are incredibly excited about the transformations Allganize will bring to businesses worldwide.“
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