Enterprise artificial intelligence (AI) startup BlackSwan Technologies has raised $28m in a Series A funding round.

The Israel-based company said it will use the capital injection to fund new hires, develop new AI applications and drive growth. Investors Prytek, FinTLV and MS&AD Ventures led the funding round.

BlackSwan Technologies also announced the wider launch of Element, its platform as a service that it describes as an operating system for powering enterprise AI applications.

The startup claims its platform – which combines machine learning, natural language processing, deep learning, neural networks and data operation facilities – caters to multiple AI needs for organisations, rather than focusing on one problem.

These applications include collecting and organising data, improving compliance, providing business intelligence and making predictions.

BlackSwan said that Element can operate without well-organised data sets. Most AI systems require data that is structured and labelled, although the necessary quality can vary between solutions. Element uses low code and no code framework, which means people with a wider level of skill can build AI applications on the platform.

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BlackSwan Technologies wins multi-year contracts

The company began offering its technology to a limited number of customers earlier this year.

Since then the startup said it has generated “tens of millions of dollars in revenue through multi-year contracts with many leading businesses”.

It claims its software was used to reduce the onboarding compliance costs of a corporate client from over $2,000 to $150.

“We believe this represents a true paradigm shift in enterprise software, eliminating all barriers to digital transformation so that enterprises can easily harness big data and artificial intelligence to generate immediate and actionable business insights,” said BlackSwan founder and CEO Michael Ouliel, formerly an Israeli intelligence officer and consultant for Oracle.

“Our aim is to completely disrupt the enterprise software market by finally making the world’s most advanced artificial intelligence available to any company.”

BlackSwan Technologies has also partnered with consultancy firm Deloitte to provide its AI platform to global banks.

Read more: Dataloop raises $16m to expand AI data labelling software business