US-based text analytics software developer Amenity Analytics has raised $18m in a series B round that included insurance firm Allstate and semiconductor and data technology producer Intel.
Financial services group Starr Companies led the round, which also featured venture capital fund State of Mind Ventures, while Intel participated through corporate venturing arm, Intel Capital.
Founded in 2013, Amenity provides natural language processing (NLP) technology that allows companies to automatically sift through text documents to find data that can provide the basis for business decisions. It will use the capital for product development and recruitment.
The company had previously collected $7.6m in a late 2017 series A round that included Intel Capital and State of Mind Ventures.
Nick Washburn, Intel Capital’s senior managing director and chief operating officer, said: “Today’s most sophisticated financial institutions can uncover meaningful insights and drive business value by applying Amenity’s novel NLP techniques to their growing volumes of unstructured text.”
Tarik Galijasevic, managing director of Allstate’s VC arm, Allstate Strategic Ventures, 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.”