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Home Venture Capital/Private Equity (VC/PE)

Leading No Code NLP Platform, Accern, Raises $20 Million in Series B Round Led by Mighty Capital and Fusion Fund

by admin

May 2, 2022

in Technology, Venture Capital/Private Equity (VC/PE)

Accern NoCode NLP Platform Series B Spotlight Growth

Natural language processing (NLP) is essentially what bridges humans and computers. The branch of computer science gives machines the ability to understand and interact with text or speech communication. NLP allows for the combination of computational linguistics with statistical, machine learning, and deep learning models. While NLP was previously very programming-focused, a startup is aiming to lower the barrier of entry to the world of NLP.

Accern is a New York City-based startup that is a leader in the no code NLP industry. Its NoCode NLP Platform is geared to help business analysts, domain experts and other technical employees with extracting useful insights and information from large swaths of unstructured data from sources such as news, social media, reports, internal communications, and more. Furthermore, the startup offers pre-built solutions geared towards equity research, credit risk, M&A activity, ESG tracking, insurance, fraud prevention, sanction monitoring and more.

The startup just announced that it has raised $20 million in a Series B funding round, which was co-led by Mighty Capital and the Fusion Fund. The round also saw participation from Tribe Capital, Viaduct Ventures, Shasta Ventures, and Gaingels. Accern says it will utilize the proceeds to continue its platform growth among citizen data scientists.

Already known as one of the most accurate NLP models available, Accern aims to accelerate its focus on financial services. Its NoCode NLP Platform has pre-built taxonomies spanning 60,000 companies, 250 themes, and an additional 250 pre-trained, human-grade ML/NLP models.

“Accern has built the most advanced NoCode NLP platform for financial services with industry-leading accuracy scores. We’re excited to fuel their continued rapid growth, and our Products That Count platform composed of 300,000+ product managers are ideal targets for Accern as they focus on a product-led growth strategy,” said Jennifer Vancini, General Partner at Mighty Capital.