US-based cognitive computing technology provider Digital Reasoning secured $40m in series D capital yesterday, in a round co-led by stock exchange Nasdaq and venture capital firm Lemhi Ventures.
Healthcare provider HCA and investment bank Goldman Sachs also participated in the round. Nasdaq’s involvement was first revealed in February 2016, when the two companies disclosed they had formed a strategic partnership.
Founded in 2000, Digital Reasoning’s big data and machine learning platform is able to analyse human communication in context. The technology can be used to surface insights across a wide range of areas, from insider trading to locating criminals to delivering better healthcare.
The money will help Digital Reasoning accelerate the integration of its deep learning technology into all its products.
The cash will also support a collaboration with Nasdaq to produce compliance surveillance technology, drive recruitment to develop products in conjunction with HCA and other healthcare providers, and will support the attraction of additional clients.
Adena Friedman, president and chief operating officer at Nasdaq, will join Digital Reasoning’s board as an observer, while Tony Miller, managing director at Lehmi, will join as a director.
Digital Reasoning has raised approximately $97m to date. Its other investors include In-Q-Tel, the investment affiliate of the US intelligence community, financial services firm Credit Suisse’s Credit Suisse Next Investors unit, individual partners at Silver Lake, and assorted angel investors.