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One of the foundational challenges facing the enterprise today is the massive volume of unstructured data that hits email inboxes. This sounds basic – and like it should have been solved by now – but it hasn’t. Documents including rate sheet contracts, company financial reports and sales reports end up stuck in email, waiting to be processed and analyzed individually and manually. On the other end, Business Analysts whose mission is to generate business insight instead end up spending the vast majority of their time on data entry and processing.
This problem is not sequestered to one industry, which is why when we met Harald Collet and Alkymi, learned about their automated – truly automated – solution to this problem and heard from marquee customers about their strong early traction, we jumped at the chance to lead the company’s seed round.
Harald Collet, Steven She and Adam Kleczewski have built a machine learning-powered data inbox – the first of its kind – that automatically extracts unstructured data from email, processes it, and feeds it into the enterprise’s existing workflows with little or no human intervention. We’ve heard from Alkymi’s customers – e.g. investment managers – that the result is significantly accelerating their ability to serve their own customers. It’s one of the reasons that global investment software provider Simcorp has also come in as an investor and is launching a new go-to-market partnership for its clients with Alkymi.
Over my own career at Microsoft where I spent time on employee productivity software and more recently an enterprise software investor, I’ve seen repeatedly that one of the keys to rapid adoption of technology is the seamlessness with which it integrates into a customer’s own processes and workflows. It sounds so obvious but I’m continually surprised by how many technology solutions require bespoke processes to work. Harald and the Alkymi team really listened to the customers before building the product and thus the experience feels like magic.
Harald spent many years on the inside of enterprise companies like Oracle before joining Bloomberg LP where he launched the Bloomberg Vault cloud product and quickly scaled it to one of the large players in the category from a standing start. So in addition to the outstanding technical chops, we are big believers in the entrepreneurial talent of this entire team.
Thrilled to be working with the NYC-based Alkymi team. Engineers and data scientists - they are hiring! More on career opportunities here.