INSUBCONTINENT EXCLUSIVE:
Alkymi, an early-stage startup that wants to bring intelligence to highly manual business processes like copying and pasting financial data
from emails and attachments, launched today with a $5 million seed investment.Canaan Partners led the round with participation from
previous investor Work-Bench
SimCorp also contributed as a strategic investor
Under the terms of the investment agreement, Joydeep Bhattacharyya from Canaan will become a member of the Alkymi board.Company founder and
tedious manual parts of the job
The company has created a solution that extracts data automatically that these analysts previously had to copy and paste into applications,
has worked in for two decades, and which could benefit greatly from this approach
He uses an investment asset manager as an example
This person would receive emails with data in them about investments, copy and paste the data into an application or database, and repeat
this many times to report on overall investment performance
Alkymi would automatically extract some amount of this data, reducing the overall manual copying and pasting required.GIF: AlkymiIt takes
from that in a typical machine learning loop
Over time, it should allow business analysts to do more analysis, instead of spending time on data entry to get to the analysis part
For now, they are looking at rates starting at 40-50% automation, or more for less complex data sets.While the company is concentrating on
financial services today, the long-term plan is to expand into other verticals over time
For now, it is growing quickly with paying financial services customers
It has also partnered with investor SimCorp, which will offer the service on its platform aimed at financial services professionals.The
company launched in 2017, and Collet spent time talking to potential customers before building the product
It offers an on-prem and cloud version, and bills by the workflow
It has seven employees based in New York City, with plans to double that this year.
