Standard Chartered’s VC Arm Participated in AI Firm’s US$40 Million Roundby Fintechnews Singapore September 18, 2019
Digital Reasoning, today announced a strategic investment from SC Ventures, the innovation, ventures and fintech investments unit of Standard Chartered Bank, bringing its Series D-1 funding round total to $40 million.
In addition to this investment, Digital Reasoning will partner with Standard Chartered Bank to expand its financial services product offerings in Communications Surveillance across Asia Pacific, the Middle East, and other international markets.
“Digital Reasoning is the leader in communications analytics, identifying and finding key risks and insights from human language and behavior. Doing this requires an increased understanding of diverse languages and contexts across numerous cultures,”
said Tim Estes, Founder and President of Digital Reasoning.
“Standard Chartered is a leading global bank with a very diverse footprint. Through the partnership, we believe we can accelerate our solutions’ applicability across Asia, the Middle East, and Africa. Together we will further democratize using AI to understand the languages in markets where these new solutions can be used for good.”
The investment from SC Ventures will enable Digital Reasoning to continue its market leadership position in e-communications and Voice Surveillance for Compliance, as well as expand into other adjacent use cases within financial institutions globally. Additionally, it will support Digital Reasoning’s efforts to broaden its pre-trained model catalog to support growth in financial markets across Asia, the Middle East, and Africa.
Alex Manson, Global Head of SC Ventures, said:
“Fighting misconduct and unethical behavior in financial services is a non-negotiable commitment as a bank, a task rendered even more complex by our digitally connected financial system. Digital Reasoning is a leader in Conduct Surveillance and well-positioned to help our industry fulfill that commitment.”
Digital Reasoning’s Series D-1 funding round had a first close last year, led by BNP Paribas with participation from Barclays, Square Capital, Goldman Sachs, Nasdaq, Lemhi Ventures, HCA, and the Partnership Fund for New York City. Macquarie subsequently invested in this funding round, with SC Ventures now being the latest investor to contribute.