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Alkymi Kicks off with $5 Million to Automate Data Extraction

Alkymi, a nascent startup that desires to bring intelligence to highly manual business processes like copying and pasting monetary data from emails and attachments, launched with a $5 million seed investment.

Alkymi Kicks off with $5 Million to Automate Data Extraction

 

Canaan Partners headed the funding round with participation from previous investor Work-Bench. SimCorp further contributed as a strategic investor. Under the groups of the funding agreement, Joydeep Bhattacharyya from Canaan will turn into a member of the Alkymi board.

Firm founder Harald Collet says the startup is bringing machine learning to the business analyst’s in-box to automate most of the troublesome manual tasks of the job. The corporation has developed a solution that extracts data mechanically that these analysts previously had to copy and paste into apps, spreadsheets, or databases.

For today, that strictly involves monetary services, which is an industry Collet has worked in for 20 years, and which could benefit from this approach.

Alkymi would routinely extract some amount of this information, reducing the overall manual copying and pasting required.

It takes a while to train the underlying machine model, from hours to days, relying on the magnitude and complexity of the operation; however, once that’s finished, Collet says the software program can deal with what it learns, setting aside what it can’t decide for a human to intervene and then be taught from that in a typical machine learning loop.

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Kimberly Thomas

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