AI-powered Knowledge Process Automation (KPA) firm, DeepSee.ai secured $22.6 million

DeepSee.ai, a Salt Lake City based Artificial Intelligence-powered Knowledge Process Automation (KPA) company, has now secured $22.6 million in a Series A funding round.

DeepSee.ai which is founded by Steve Shillingford. It provides a knowledge process automation platform to mine unstructured data, automate results into real-time action and operationalize AI-powered insights for the enterprise.

Steve Shillingford, CEO of DeepSee.ai, said, "Executives are telling me they need business outcomes and not science projects. And today, the burgeoning frustration with most AI-centric deployments in large-scale enterprises is they look great in theory but largely fail in production. We think that’s because right now the current ‘AI approach’ lacks a holistic business context relevance. It’s unthinking, rigid, and without the contextual input of subject-matter experts on the ground. We founded DeepSee to bridge the gap between powerful technology and line-of- business, with adaptable solutions that empower our customers to operationalize AI-powered automation – delivering faster, better, and cheaper results for our users."

Sean Cunningham, Managing Director of ForgePoint Capital, said, "ForgePoint Capital is honored to work with this team of industry experts who have proven track records achieving scale and attractive exit outcomes. The strong feedback from customers and our ForgePoint industry experts has made it clear the DeepSee Team has taken automation to the next level with KPA. Using KPA, line-of-business executives can bridge data science and enterprise outcomes, operationalize AI/ML-powered automation at scale, and use predictive insights in real time to grow revenue, reduce cost, and mitigate risk. As a leading cybersecurity investor, ForgePoint sees the daily security challenges around insider threat, data visibility, and compliance. This investment in DeepSee accelerates the ability to reduce risk with business automation and delivers much-needed AI transparency required by customers for implementation."

The round, which brought the total funding to date to $30.7 was backed by ForgePoint Capital with participation from AllegisCyber Capital and Signal Peak Ventures.

Post funding, Sean Cunningham, the Managing Director of ForgePoint Capital, will join the DeepSee.ai, Board of Directors team.

The company as of now has plans to use the new funds to accelerate product development and expand the platform beyond the capital markets and insurance verticals.