AlchemyAPI, a text mining and big data analytics company providing a SaaS and on-premise platform for understanding unstructured content, announced today that it closed a series A round of funding led by Access Venture Partners. AlchemyAPI will use $2 million in new equity and debt financing to further scale its operations, continue to develop new products and services, and expand its sales and partner channels.
"This investment enables us to further scale our sales and operations to keep pace with our rapidly increasing demand. AlchemyAPI will also continue to aggressively innovate in the text mining and big data analytics space and expand the artificial intelligence capabilities our customers need," said Elliot Turner, company founder and CEO. "Companies leverage AlchemyAPI more than 1,000 times every second to gain a deeper knowledge of their customers, competitors, and overall business strategy."
Unique to AlchemyAPI's new service offerings is the usage of neural network technologies, known as "deep learning" to provide near human-level performance in analysing content at massive speeds. "2013 represents a watershed point in AlchemyAPI's development," stated Aaron Chavez, one of the company's researchers. "Over the next few months we will be rolling out a variety of new capabilities leveraging our advanced neural network technology, furthering our lead in the industry and advancing the text mining field as a whole."
AlchemyAPI is the world's most used natural language processing service, processing over 3 billion transactions monthly for customers across 36 countries and 6 continents. AlchemyAPI customers span multiple verticals, including the world's largest retailer and 3 out of the top 5 social media monitoring companies.
"AlchemyAPI's ability to read and understand unstructured text is a game-changer for many industries," said Frank Mendicino, co-founder and Managing Director at Access Venture Partners. "We've been immensely impressed by their technology, seeing it successfully applied to everything from financial services to online advertising. We look forward to working with AlchemyAPI as they further expand their global sales and marketing footprint and slate of products for the enterprise."