Artificial intelligence (AI) specialist Digital Reasoning has closed a $30 million funding round, led by BNP Paribas with participation from Barclays and Square Capital.

Digital Reasoning uses AI technology to understand human intentions and behaviours, enabling financial institutions to improve their return on interest. The new injection of funding will enable the company to expand its product portfolio for capital markets and wealth management use cases, accelerate AI innovations across speech analytics, natural language understanding, and machine education and expand its go-to-market capacity.

Tim Estes, president and founder of Digital Reason, commented: “We are thrilled to have BNP Paribas lead this funding round, and for BNP Paribas as well as Barclays and Square Capital to join other world-class investors to support our vision.

“The new investment will enable us to use our novel and patented AI technology to turn all forms of communications data - including now audio and voice data - into discoverable, understandable, and actionable insights that help to accelerate customer-centric data strategies in the world's largest Enterprises.”

Olivier Osty, head of global markets at BNP Paribas, added: “BNP Paribas' digital transformation is a focal part of the group's 2020 plan. It's a transformation based on reinventing our clients experience, advancing the use of data and analytics and improving our operating efficiency.”

As part of the agreement, Angel Rodriguez-Issa, global head of strategic investments and global markets at BNP Paribas, will join the Digital Reasoning board of directors.

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