NEW YORK, Sept. 27, 2017 /PRNewswire/ -- Parabole LLC, ("Parabole") (parabole.ai), a knowledge-based cognitive computing company with powerful solutions in regulatory analysis and risk compliance management for banks and other financial institutions announced today that it has received an additional $700,000 in the form of 8 percent convertible notes from investors under an exemption from registration provided under Regulation D. This brings the total received by the company in 2017 to $1,200,000.
The company will use the proceeds to support growing customer demand and further develop its proprietary AI-based solutions for the banking and finance industries.
"This round of financing supports our continuing technology and product development. Our aim is to be the leading AI company for financial institutions as they navigate the difficult waters of risk management and ever-changing regulatory environment," said Rajib Saha, CEO of Parabole. "Along with our AI capabilities, Parabole has integrated pre-configured industry-specific knowledge into the platform. This capability provides analysis of unstructured data with unprecedented speed and accuracy. Although, we have operated quietly since 2014; building our platform and listening to our clients, in the past year alone we have established ourselves as a 'knowledge partner' for one of the largest global consulting groups serving the banking and finance sectors and developed Use Cases in conjunction with large institutions in Regulation Analysis-CECL, Contract Analytics-AML and Data Governance Management applications. This round of investment will allow Parabole to take on additional clients and to develop new use cases that will broaden our market appeal."
Parabole is an artificial intelligence platform that automates knowledge extraction from unstructured information in the risk and compliance and regulatory domains for the banking and financial industries. Parabole's advanced algorithms map the thought processes of domain experts, and reads, processes, and analyzes unstructured information from documents, presentations, diagrams, and flowcharts. Our smart machine applies human-like reasoning to quickly extract insights from large amounts of unstructured information. Parabole is led by senior professionals with deep combined experience in Financial Risk Management, Regulatory Analytics and Artificial Intelligence-related technologies.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies.
For further information contact:
Anthony J. Sarkis
Chief Business Development Officer
1100 Cornwall Road Suite 111
South Brunswick, New Jersey 08852
View original content with multimedia:http://www.prnewswire.com/news-releases/parabole-knowledge-automated-closes-1200000-financing-to-fund-expansion-and-use-case-development-300526839.html
SOURCE Parabole LLC