Accern, a New York-based data science start-up has today closed a $2.1 million Pre-Series A funding round led by private investors, including 26 Ventures' Managing Partner, Moshe Neuman.
The participants in the raise include Cane Investment Partners and private executives from Gurtin Ventures, Affinity Investment Group, Belmond Capital, VYL LLC, 26 Ventures, Credit Suisse and Deutsche Banks.
The company says this is to meet rising industry demand of AI data-analytics technology. The funding round allows Accern to expand its client base and continue collaborations with media to provide impactful data to hedge funds, banks and other financial institutions.
This is the second funding round Accern has closed in 2017 after the company raised $1.25 million seed investment from Gurtin Ventures and five other investors in May.
Accern's data-science platform consolidates a variety of actionable analytics from more than 300 million websites, social media outlets such as Tumblr, proprietary data (including SEC filings), and premium financial news data sources into a single newsfeed.
With its news-monitoring dashboard and quantitative data feed, Accern enables quantitative hedge funds and world financial institutions to stay up-to-date on the latest news and rumors that drive early-investment decisions.
"We weren't anticipating a second funding round so close to the previous round, but the demand for the AI-mined data has been expanding among quantitative hedge funds and other financial institutions and will only continue to do so in the next year," said Aroomoogan, Accern's Co-Founder and CEO, who is a finalist in Forbes' "30 Under 30 Tech Enterprise" category for 2018.
Accern says it will continue to explore partnerships with premium news subscriptions and data vendors to expand its universal collection while working with Wall Street research firms to conduct research to aid in client acquisitions.
With a scalable technology architecture developed in-house, Accern can connect unstructured textual data feed and structured data (via deriving analytics), which can be used by financial institutions to aid investment decision-making and risk management.
The company's AI algorithms scan the internet and global newsfeeds to provide alerts from the aforementioned 300 million websites.
It processes more than 10 million daily articles and hundreds of millions of social media mentions in real-time, with an average speed of 40 milliseconds to derive media analytics once any information is posted.