Citi Ventures Invests In AI Firm Skan
Skan, the AI-enabled Process Discovery and Operational Intelligence Company, announced the close of a $14 million Series A funding round to strengthen its product platform and scale operations.
Global venture capital firm Cathay Innovation led the new investment. Other investors participating in the round include Citi Ventures and existing investors, Zetta Ventures, Bloomberg Beta, Plug and Play Ventures, and Firebolt Ventures. Simon Wu of Cathay Innovation will join the board of directors.
Skan, co-founded by serial entrepreneurs and digital transformation veterans Avinash Misra and Manish Garg, is the leading enterprise process discovery and monitoring platform for enterprises.
Skan’s Operational Intelligence Platform provides cognitive process discovery and real-time process insights that the world’s leading financial services, healthcare, and media organizations need to understand, map, and plan their digital transformation and automation efforts.
Combining state of the art Process Data Science and Computer Vision, Skan synthesizes the digital traces of all human and screen interactions to uncover how work and processes such as underwriting, sales, customer onboarding, servicing, claims, invoicing, and fulfillment get done in an organization.
Skan’s customers are large enterprises collectively investing billions of dollars in Digital Transformation endeavors with limited ROI. Skan’s AI-powered platform provides visibility and transparency into processes and operations and functions as a foundation for digitalization.
“According to McKinsey & Company’s latest analysis, over 80 percent of the digital transformation projects fail to realize their full potential,” said Avinash Misra, Co-Founder, CEO of Skan. “From our experience, one of the root causes is the gap between how we think work gets done in the enterprise vs. how it works in practice. We realized that without understanding processes, their variants, and the resulting operational intelligence, any intervention such as digitalization, automation, and optimization are futile. We are grateful for Cathay Innovation, Citi Ventures, and our existing investors for their support in our mission.”
2020 is all about #digitaltransformation. We are thrilled to welcome @skan_ai to the #CitiVentures portfolio! Skan’s AI-enabled process discovery and operational intelligence platform stands to revolutionize the financial services industry. https://t.co/VI3l2i5T1L
— Citi Ventures (@CitiVentures) October 27, 2020
The new investment will fund Skan’s commercial expansion of its innovative AI-driven process discovery and monitoring solution and expand its product, sales, and customer success teams. The capital infusion will accelerate Skan’s vision to be the foundation for enterprise digital transformation and fabric of the future of work.
“Skan is filling a significant gap in the market as the launchpad for digital transformation,” said Simon Wu, Investment Director, Cathay Innovation. “Skan’s technology not only utilizes computer vision to provide a holistic view of how work is done, but it does so in a secure manner that enterprises trust with their mission-critical data. We’re looking forward to joining the mission to revolutionize work within the enterprise and enable operational leaders to optimize processes.”
Since launching in 2018, Skan has successfully become a foundational solution for global firms to assess, prioritize, and monitor their business processes and embark on digitalization initiatives.
“2020 has accelerated the digital transformation of large enterprises, especially in the financial services sector, while simultaneously placing a greater focus on improving productivity. Skan’s innovative process discovery and operational intelligence platform is uniquely positioned to serve the future of the financial services sector, and Citi Ventures is excited to support their growth story,” said Matt Carbonara, Managing Director of Citi Ventures.
Skan is powering the digital transformation of large and complex firms with the following core capabilities:
- Unobtrusive Observation and Discovery: Skan observes and captures every human and screen interaction to learn business processes with zero disruption in work and zero integration with business applications or any need for process logs.
- Digital Process Twins for Process Analysis: Skan creates a holistic Digital Twin of end-to-end value streams. These process twins allow organizations to perform data-driven process analysis and modeling.
- Privacy and Information Security Safeguards: Skan is an enterprise native and uses a hybrid cloud deployment to ensure that business data always remains within the enterprise firewalls. Skan’s Privacy and Information Security Machine (PRISM) uses patented mechanisms to guarantee data security and end-user privacy in business process discovery.
- Continuous Operational Intelligence: Continuous monitoring and analysis of processes help organizations understand process drift and alerts of potential process conformance issues.
Nearly three quarters of firms’ models were negatively impacted by the pandemic.
The bank is adding AI-driven ESG data from Truvalue Labs to a proprietary platform.
The new business combines AI technologies to uncover hidden insights within data and alert investors.
The funding comes after the analytics platform joined Engine, the IA accelerator.
J.P. Morgan’s Securities Services and BlackRock have adopted the fintech platform.