Amenity Analytics, a software company developing solutions using natural language processing (NLP) and machine learning, has secured $18 million in a Series B funding round led by STARR Companies and its Chief Executive Officer Hank Greenberg.
Amenity says it plans to use the funding to expand its team and product development.
NLP is an area of artificial intelligence (AI) focused on enabling computers to process and understand human language, a highly complex and unstructured form of data.
Amenity’s solutions use NLP to allow clients to rapidly process and comprehend high volumes of complex text documents and uncover real-time, actionable insights.
This kind of technology has the potential to revolutionise a variety of processes embedded throughout the re/insurance industry, including the automation of legal proceedings for injury claims and faster assessment of property site surveys.
NLP and machine learning is also being deployed to read and convert high volumes of toxicology and environmental health literature into actionable information for clients.
“Some of the most sophisticated minds on Wall Street already trust our technology to uncover insights that give their investment strategies an edge. The commitment from STARR, their legendary CEO Hank Greenberg, and a firm as well regarded as Allstate demonstrate the power of our platform in another important sector,” said Nathaniel Storch, Chief Executive Officer of Amenity Analytics.
“Over the past year we’ve assembled a dynamic team who has delivered a product that is only scratching the surface of its capabilities.
“This latest round provides us with the resources to further grow our team and to push the boundaries of where we can apply our technology,” added Storch.
Commenting on the funding, Greenberg said, “We are excited to partner with Amenity Analytics to further develop use cases for insurance and accelerate AI innovations.”
Allstate Strategic Ventures’ Managing Director Tarik Galijasevic added, “We continually look for innovative capabilities that enhance our customers’ experience and improve our business operations.”
“Amenity’s advanced NLP technology can help us do both by efficiently creating actionable insights from large volumes of text data.”