Enterprise AI software startup BlackSwan raises $28M

BlackSwan Technologies launches as the world’s first enterprise AI operating system, enabling any company to leverage the most advanced artificial intelligence for an unprecedented level of operational efficiency and data-driven decision making. Since it began offering its technology to a limited customer base earlier this year, BlackSwan Technologies has generated tens of millions of dollars in revenue through multi-year contracts with many leading businesses. The company has also established a groundbreaking partnership with Deloitte to provide leading global banks an AI-powered platform that is already proven to increase revenue and drive efficiencies.

BlackSwan Technologies was recently recognized in Gartner’s 2020 Hype Cycle for Emerging Technologies report as a pioneer in “bringing AI closer to human learning and intelligence.” The company’s signature Platform as a Service (PaaS), ELEMENT™, accomplishes this by combining multiple AI technologies — including machine learning, natural language processing, deep learning, neural network and data operation facilities — into a single platform.

Unlike other enterprise AI offerings, ELEMENT™ does not require well-organized data sets, countless hours of data normalization or technical in-house expertise to implement. ELEMENT’s Low code/No code, cloud-agnostic system includes several advanced enterprise applications including for Risk Management, Compliance, Lead Generation, Personalization and Market Intelligence. The platform also allows users to build enterprise applications up to 60 times faster and at a fraction of the cost of market alternatives. ELEMENT™ is designed to continuously learn and evolve with the enterprise and has a completely customizable structure with a simple, drag-and-drop interface, democratizing the development and execution of large, industrial enterprise applications.

“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’s founder and CEO Michael Ouliel. “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 is also announcing it has raised a new Series A financing round of $28 million led by investors Prytek, FinTLV and MS&AD Ventures. The new funding will be used to accelerate growth, continue developing new advanced AI applications and expand the BlackSwan Technologies team.

While other enterprise software companies offer targeted products that address only a small portion of an organization’s AI needs, ELEMENT’s end-to-end system transforms raw data into actionable insights that companies can leverage to identify opportunities, reduce costs and manage risk. Leading financial institutions have already seen incredible success with the platform. For example, a top-15 global bank was able to reduce the cost of onboarding a corporate client from +$2,000 to $150 by leveraging ELEMENT™ to address the entire compliance process.

Ouliel conceptualized the idea for BlackSwan Technologies while reflecting on his years as an Israeli intelligence officer and consultant for Oracle. He realized that existing data processing systems were leaving large and complex organizations exposed to unforeseen risks due to the limited scope of data they could access and understand. With ELEMENT™, he designed a platform that enables companies to harness and organize data, reveal non-obvious relationships, identify unseen risks, reveal overlooked opportunities and predict the future by harnessing the full potential of data to detect far-reaching risks and opportunities. Now available widely across industries, BlackSwan Technologies’ pioneering AI operating system is poised to lead a new era of digital transformation.

Source: BlackSwan Technologies