Forge.AI, an artificial intelligence company that transforms the world’s unstructured information into structured machine ready data, today announced that they closed a $11M Series A funding, led by Underscore VC with participation from Accomplice, Boston Seed Capital, Imagination Capital and Project 11 Ventures.
Forge.AI is focused on helping businesses harness the information content contained in the approximately 80 percent of the world’s data that is unstructured. Leveraging both natural language understanding technologies and a proprietary dynamic self-learning knowledge graph, Forge.AI transforms publicly available text-heavy content — such as news reports, social media, financial reports, SEC filings –. into knowledge-rich, structured event feeds. Data science and engineering teams then apply these event feeds directly into their company’s analytical decision-making processes and infrastructure.
“Businesses use Forge.AI’s event feeds to open up fundamentally new data sets so they can better analyze risk, improve predictive capabilities and ultimately make better decisions for their organizations,” said Jim Crowley, CEO and co-founder of Forge.AI. “Our goal is to empower businesses with the real-time, mission-critical data that can meaningfully impact and change their business. We enable teams to model the world in new ways, be more efficient and apply their energies to the actual analysis versus drowning with intense ‘data wrangling’ challenges associated with unstructured data.”
Forge.AI is initially focused on two broad information and data-rich sectors: financial services and the public sector. Financial institutions such as The Vanguard Group, currently leverage Forge.AI to source and structure their acquisition of critical knowledge from unstructured data sources.
“Over the next few years, companies like Vanguard will differentiate themselves from their competitors by harnessing machine-readable information for the benefit of clients, employees, and shareholders alike,” added Warren Pennington, principal and head of FinTech for Vanguard’s Investment Management Group. “Through our partnership with Forge.AI, Vanguard is looking at data in fundamentally new ways, and we are using this data to enhance our business in areas like the client experience, internal operations, and economic analytics.
“The vast amount of content being created by media companies should be transformed into a structured data asset for a new audience – the growing audience of intelligent machines, ” added Richard Parsons of Imagination Capital and the former Chairperson of both CitiGroup and Time Warner. “Forge.AI has the potential to not only accelerate the growth of machine intelligence and expand what businesses can do with machine intelligence, but they may also help media organizations extend the reach of their content to the growing population of intelligent machines.”
Co-founded in 2017 by Jim Crowley, Jack Crowley, and Jennifer Lum, the team brings extensive early-stage company expertise in building mission-critical data platforms. The funding will be used to accelerate hiring, product development, and go-to-market activities.