Workflow automation firm Alkymi has raised $21 million in Series A funding, bringing its total financing to $26 million.
The round was led by Intel Capital with participation from existing investors Canaan, Work-Bench and SimCorp.
Dave Mueller, Intel Capital's investment director, will join Alkymi's board of directors.
The company will use the funding to expand its hiring in product development and go-to-market and to scale its offerings. In the past year, Alkymi has handled 45 million data actions on its platform.
Alkymi helps firms in financial services, healthcare, technology, energy and transportation automate processes with no-code intelligent data processing for email, documents, email, and file data, the company says.
The firm cites statistics stating that over 80% of the world's data will be unstructured by 2025. It adds that unstructured data creates leads to operational bottlenecks, costly inefficiencies, poor customer experiences, and employee churn.
Alkymi reduces technical, operational, and economic barriers by placing machine learning and automation technology into the hands of business users, states Mark Rostick, vice president and senior managing director at Intel Capital.
"The need to meet high customer expectations while adhering to regulatory and business requirements is a challenge for any enterprise," adds Yochai Korn, global head of market data and Research at Interactive Brokers.
Korn adds, "Alkymi's data action Layer gives us the ability to transform the client experience and offer entirely new data products to our customers and partners."