NLP platform for financial services Accern raises $20m

New York-based Accern, a no-code natural language processing (NLP) platform for financial services, has raised $20 million in fresh funding to turbocharge its growth.

Accern CEO Kumesh Aroomoogan

The funding round was co-led by Mighty Capital and Fusion Fund and saw participation from Tribe Capital, Viaduct Ventures, Shasta Ventures and Gaingels.

Accern’s NLP platform enables financial institutions to extract insights from unstructured data for better risk and investment decisions.

The platform leverages artificial intelligence (AI) and NLP to extract insights from documents and texts, including news, social media, industry reports and internal documents.

Its end-to-end AI and NLP workflows can provide insights for equity research, credit risk, M&A activity, ESG performance, insurance claims, fraud prevention, market intelligence and sanctions monitoring.

“In addition to making it easy for citizen data scientists to access highly accurate pre-trained models, we also enable them to customise their own AI/NLP workflows by bringing their own documents, entities, themes, models and downstream integrations,” says Anshul Vikram Pandey, Accern co-founder and chief technology officer.

Kumesh Aroomoogan, co-founder and CEO at Accern, adds: “With this funding, we will scale sales and marketing to empower more citizen data scientists.”