Taktile, a German technology platform used by financial services companies to deploy machine learning applications, has raised $4.7 million in seed financing led by Index Ventures.
Y Combinator, firstminute Capital, Plug and Play Ventures and the founders of several unicorns, including UiPath, Datadog and Github, joined the round.
Taktile has built an enterprise SaaS platform that helps FS firm take advantage of the machine learning revolution that is transforming areas such as credit underwriting by helping to harness treasure troves of data.
The firm argues that many financial institutions struggle when adopting ML because of a lack of expertise, IT resources and regulatory hurdles.
Its platform supports both customer-built models as well as off-the-shelf applications that are based on pre-built components and are customisable. Applications are deployed and maintained on the Taktile platform, which forms a central hub for an organisation’s machine learning operations.
Maik Taro Wehmeyer, CEO Taktile, says: “I have experienced machine learning generate significant business value for companies through better decision-making, but traditionally there has been a lot of hesitancy in moving forward. Some of it is cultural and some of it is technical.
"By bringing together a team with deep business and technical expertise, we believe that our platform can assist enterprises to finally realize the power of ML.”