Parabole, LLC, a NY-based knowledge-based cognitive computing company, received an additional $700k in the form of 8% convertible notes.
Parabole is a knowledge-based cognitive computing company with solutions in regulatory analysis and risk compliance management for banks and other financial institutions.
Undisclosed backers made the investment under an exemption from registration provided under Regulation D.
This brings the total received by the company in 2017 to $1.2m.
The company will use the proceeds to further develop its proprietary AI-based solutions for the banking and finance industries.
Led by Rajib Saha, CEO, 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. Its algorithms map the thought processes of domain experts, and reads, processes, and analyzes unstructured information from documents, presentations, diagrams, and flowcharts. Its smart machine applies human-like reasoning to extract insights from large amounts of unstructured information.