Standard Chartered invests in Digital Reasoning

Standard Chartered invests in Digital Reasoning

SC Ventures the fintech investment unit of Standard Chartered has invested in artificial intelligence outfit Digital Reasoning, bringing its Series D-1 funding round total to $40 million.

Digital Reasoning’s Series D-1 funding round had a first close last year, led by BNP Paribas with participation from Barclays, Square Capital, Goldman Sachs, Nasdaq, Lemhi Ventures, HCA, and the Partnership Fund for New York City. Macquarie subsequently invested in this funding round, with SC Ventures now being the latest investor to contribute.

Digital Reasoning's AI platform parses unstructured communications data to add context to human coversations, spotlighting compliance failings and potential fraudulent behaviour and delivering insights on future client interactions.

Founded in 2000, the firm moved into financial markets in 2012, with clients including UBS and Point72 Asset Management, who use the company's Synthesys technology to scan internal e-mails in search of unfamiliar patterns between employees.

The company intends to partner with Standard Chartered to expand its financial services product offerings in communications surveillance across Asia Pacific, the Middle East, and other international markets. Additionally, it will support Digital Reasoning’s efforts to broaden its pre-trained model catalogue to support growth in financial markets across Asia, the Middle East, and Africa.

Alex Manson, global head of SC Ventures, says: “Fighting misconduct and unethical behavior in financial services is a non-negotiable commitment as a bank, a task rendered even more complex by our digitally connected financial system. Digital Reasoning is a leader in Conduct Surveillance and well-positioned to help our industry fulfill that commitment.”

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