Accern provides AI-powered apps and natural language processing models trained to recognize, classify and extract domain-specific financial language from public sources such as news, blogs and SEC filings. The platform offers a visual dashboard for building custom no-code AI apps and includes pre-built taxonomies for companies, people, places and themes tailored to financial services. Customers use Accern to enhance models, business-intelligence dashboards and products with text-derived features for use cases including sentiment analysis, credit and fraud monitoring, and compliance. The company plans to use new capital to pursue product-led growth, expand into new markets, and invest in R&D on its AI technologies. Accern reports that its annual recurring revenue has grown 9x since 2020, has 80 employees, and expects headcount to exceed 100 by the end of 2022. Accern provides a no-code AI platform that enables users in financial services to build workflow automation and risk-management solutions. The platform supports use cases including investment research, credit lending, financial crimes (KYC), and reputational-risk workflows. Its clients and strategic partners include Allianz, Jefferies, IBM, Google, and Microsoft. The company was founded in 2016 by Kumesh Aroomoogan and Anshul Vikram Pandey, Ph.D. Accern intends to use the new funding to expand its customer base and further develop its platform. This Series A is the company's second equity financing and brings total equity raised to $14.5M since formation. Accern provides an AI-curated platform that monitors news sites, blogs, social networks, and SEC filings to surface the most relevant financial content for analysts and traders. The platform tracks more than 300 million websites, social networks such as Twitter and Tumblr, and SEC filings in real time. About a dozen financial institutions use Accern, with roughly 500 active users typically paying $500 per user per month. The company plans to expand beyond financial services to help clients understand buzz around internal controversies and has named IBM as its first non-financial customer. Accern competes with services like Dataminr and overlaps with Reuters and Bloomberg, though the CEO described those as complementary. Founded in 2014 and based in New York with 12 employees, the startup will use new funding to hire more data scientists and engineers and to increase its AI capabilities.

Total raised

$34M

Funding rounds

3

Latest round

Series B

Latest activity

May 2022