US-based digital transformation technology provider Skan has secured $14m in a series A round featuring Citi Ventures and Bloomberg Beta, investment vehicles for banking firm Citi and media group Bloomberg respectively.
Venture capital fund Cathay Innovation led the round, which included VC peers Zetta Ventures, Plug and Play Ventures and Firebolt Ventures. Simon Wu of Cathay Innovation will join the company’s board of directors in conjunction with the round.
Skan’s software studies digital traces of human and screen interactions to study how processes such as underwriting, sales, customer onboarding, servicing, claims, invoicing and fulfilment are conducted in order to inform digital transformation activities.
The funding will help the company recruit more product, sales and customer success staff. It was part of accelerator Plug and Play Tech Center’s summer 2020 batch of enterprise startups.
Matt Carbonara, managing director at Citi Ventures, said: “2020 has accelerated the digital transformation of large enterprises, especially in the financial services sector, while simultaneously placing a greater focus on improving productivity.
“Skan’s innovative process discovery and operational intelligence platform is uniquely positioned to serve the future of the financial services sector, and Citi Ventures is excited to support their growth story.”
