DeepSee.ai

About DeepSee.ai

DeepSee.ai, founded in 2019 by a team of enterprise software veterans, operates from Salt Lake City, Utah, positioning itself within the artificial intelligence sector to address inefficiencies in data-heavy, regulated industries. The company was established by CEO Steve Shillingford and CFO Ken Saunders. Shillingford's background includes leadership roles at various startups, building cloud-scale platforms, and co-founding a cybersecurity platform for big data analytics. His experience at Oracle, witnessing the rise of Salesforce, informed his vision to create a solution-focused AI company that simplifies complex technology for business users, much like Salesforce did for CRM.

The firm has developed a Knowledge Process Automation (KPA) platform, which it describes as a new category of automation. This platform is designed to mine unstructured data from various sources like PDFs, emails, and other documents, apply AI-driven insights, and automate actions in real-time. The business model centers on providing this KPA platform as a cloud-based, software-as-a-service (SaaS) solution to enterprise clients. DeepSee.ai primarily serves companies in the capital markets and insurance sectors, including banks, hedge funds, and exchanges, helping them with functions ranging from complex risk analysis and fraud detection to post-trade reconciliations.

The KPA platform consists of a three-tiered product suite. The first tier, DeepSee Assembler, ingests and prepares unstructured data for analysis. The second, DeepSee Atlas, uses this data to train AI models for process automation. The third, DeepSee Advisor, utilizes text analysis to provide cognitive insights. A key differentiator is the platform's ability to handle complex, judgment-based processes that typically require human intellect, going beyond the capabilities of standard robotic process automation (RPA). The system is designed to be a no-code, customizable solution that integrates with clients' existing tools and allows subject matter experts to capture and apply their knowledge, turning inaccessible data into actionable insights.

A significant milestone for the company was securing $22.6 million in a Series A funding round in March 2021, which brought its total funding to $30.7 million. This round was led by ForgePoint Capital with participation from existing investors AllegisCyber Capital and Signal Peak Ventures. The capital was earmarked for accelerating product development and expanding into new vertical markets. The company has also gained industry recognition, being named a "Cool Vendor" by Gartner in 2021 and joining programs like the NVIDIA Inception program and the Microsoft for Startups Pegasus Program.