PrecisionLender, a Charlotte, NC-based pricing and profitability platform for commercial banks, closed a minority investment of undisclosed amount.
Backers included Insight Venture Partners and existing investor Georgian Partners. In conjunction with the funding, Richard Wells, Managing Director at Insight Venture Partners, will be joining PrecisionLender’s board.
Led by Carl Ryden, CEO and co-founder, PrecisionLender provides a pricing and profitability platform for commercial bankers to understand pricing in the context of a larger relationship picture to drive substantial improvements in portfolio income and customer experience.
Andi®, PrecisionLender’s virtual pricing analyst, uses artificial intelligence to glean and deliver insights from the thousands of deals priced daily in the platform. The product is used globally by more than 200 banks and 10,000 relationship managers.