Amenity Analytics, a US-based AI and natural language processing (NLP) firm, has raised $18m in a Series B round of funding led by insurer STARR Companies and its CEO Hank Greenberg.
The new round also saw the participation from the new investor Allstate as well as existing backers including Intel Capital and Israeli venture capital firm State of Mind Ventures.
The latest round raises the company’s total funding to $25.6m. It had previously raised $7.6m in 2017.
Currently, the insurtech firm is developing cloud-based analytics designed to help businesses analyze text on a massive scale.
The startup intends to use funds to further accelerate the product development and strengthen its team.
Amenity Analytics CEO Nathaniel Storch said: “Some of the most sophisticated minds on Wall Street already trust our technology to uncover insights that give their investment strategies an edge.
“The commitment from STARR, their legendary CEO Hank Greenberg, and a firm as well regarded as Allstate demonstrate the power of our platform in another important sector.”
Amenity uses natural language processing (NLP) to help institutional investors and insurance companies, and others to process and comprehend complex text documents and uncover real-time, actionable insights.
Amenity’s solution can spot key commentary and determine the critical indicators and statements that help executives make business decisions, drive company performance, and measure sentiment among a given audience.
Starr Companies chairman and CEO Hank Greenberg said: “We are excited to partner with Amenity Analytics to further develop use cases for insurance and accelerate AI innovations.”
Allstate Strategic Ventures managing director Tarik Galijasevic said: “Amenity’s advanced NLP technology can help us do both by efficiently creating actionable insights from large volumes of text data.”
Amenity Analytics was formed in 2015 by Nathaniel Storch, and Ronen Feldman, a professor at Hebrew University in Israel.