By MATT BLOIS
A U.K. bank has invested in the Franklin-based artificial intelligence company Digital Reasoning.
SC Ventures, the financial technology investments unit of Standard Chartered Bank, invested in Digital Reasoning in order to expand its financial services products in international markets.
The company didn’t reveal the size of the investment in a press release, but noted that it has raised $40 million in this round of funding.
In March 2018, BNP Paribas led a group of investors that invested $30 million in Digital Reasoning. That group included Barclays and Square Capital.
In February, the Australian finance firm Macquarie also invested in Digital Reasoning. The company did not reveal the amount of that investment.
The Cool Springs company has raised more than $100 million since its inception. Goldman Sachs, Nasdaq, Lemhi Ventures, HCA, and the Partnership Fund for New York City have previously invested in Digital Reasoning.
The latest investment is similar to the deal with Macquarie. Both Macquarie and Chartered Standard plan to partner with Digital reasoning to expand in international markets.
Digital Reasoning provides artificial intelligence software that can monitor internal communications at banks to catch fraud or other misconduct. Some governments require that banks implement this type of monitoring.
“Doing this requires an increased understanding of diverse languages and contexts across numerous cultures,” Digital Reasoning founder Tim Estes said, according to a press release. “Standard Chartered is a leading global bank with a very diverse footprint. Through the partnership, we believe we can accelerate our solutions’ applicability across Asia, the Middle East and Africa.”
The company also hopes the investment will allow it to find new uses for its technology in the financial industry. Digital Reasoning also provides artificial intelligence software for health care companies.
The latest investment comes a few weeks after former CEO Brett Jackson left Digital Reasoning to become the CEO of the cloud security company Cyren. Jackson served as Digital Reasoning CEO from April 2017 to August 2019.