Enterprise natural language processing (NLP) technologies vendor Expert System today secured $29.4 million in funding, $20 million of which came from institutional investors, with the remaining $9.4 million from the exercise of shareholder rights. The company will use the funds to accelerate growth in the U.S. and develop new tools supporting the creation of AI-driven natural language solutions.
Businesses spend an enormous amount of time and capital processing invoices, order forms, reports, emails, and other files. According to IDC, 80% of this data will be unstructured by 2025, meaning it will have attributes that make it challenging to search for and analyze. This is expected to contribute to the widespread problem of data-underutilization. Forester reports that between 60% and 73% of data within an enterprise is not currently used for analytics.
Expert System’s flagship software — Cogito Discover — taps AI to perform analytics, extraction, and categorization across taxonomies, making text from XML, RDF, and other formats available for automation and more. Leveraging a natural language understanding (NLU) engine, Cogito Discover reads and identifies the contents of a document and attempts to suss out context, concepts, entities, and relationships. It can automatically identify things like people, places, organizations, URLs, emails, phone numbers, dates, and values, as well as other domain-specific concepts, working in tandem with content management systems and search engines, archival and case management platforms, robotic process automation solutions, and business intelligence applications.
Cogito can facilitate content enrichment by automating the tagging of topics using both out-of-the-box and customizable metadata. In industries like logistics, the platform can employ the metadata to track sources and find evidence of risks in third-party relationships — monitoring information such as data from customer channels to analyze trends and identify potential opportunities.
Beyond Cogito, Expert System offers Clinical Research Navigator, which supports biomedical clients with a platform designed to drive research into therapies for infectious diseases like COVID-19. The complementary Medical Intelligence Platform orchestrates the acquisition, search, and exploration of billions of data points related to biological risks. Meanwhile, Cogito for Life Sciences brings together AI and NLP to comprehend scientific literature, including publications, patents, clinical trials, and medical reports.
Rounding out Expert System’s portfolio is Cogito for Claims, which uses AI-based NLU to ostensibly mitigate insurance fraud payouts and leakage, speed customer and broker response, and respond to surges in insurance claims without increasing headcount. On the customer service support side, there’s Cogito Answers, which enables “human-like” interactions between customers and internal staff using business to provide answers to common questions. Meanwhile, the Cogito Intelligence Platform performs analysis of unstructured data sets to organize information for real-time data workflows by providing actionable insights.
Expert System’s clients include the Dow Jones, Zurich, Sanofi, Vodafone, and the U.S. government. In addition, Expert System says it has worked with Lloyd’s to support the company’s customer support and business process automation initiatives, with ING to build semantic research engine for the web, and with 3M to deploy systems for medical documentation coding and control.
Expert System was founded in 1989 and has offices in Modena, Italy and Rockville, Maryland. The latest investment brings the company’s total raised in 2020 to $39.2 million, following the sale of a stake in cyber warfare company CY4Gate and a $3.5 million capital raise. Coinciding with this week’s news, Expert System appointed Colin Matthews chief revenue officer and Keith C. Lincoln chief marketing officer.