DeepSee.ai Inducted into JPMorgan Chase’s Hall of Innovation
On November 3rd, 2022, JPMorgan Chase announced the induction of DeepSee.ai into the JPMorgan Chase’s Hall of Innovation. This Innovation award recognizes select emerging tech companies for their innovation, business value, and disruptive nature and is given out once a year at JPMorgan Chase’s Tech Summit.
“DeepSee has helped us automate manual post-trade checks supporting complex derivatives trading into AI-powered business outcomes,” says Tom Damico, Global Head of Equities Operations at JPMorgan Chase, in the press release. “We’re already seeing efficiencies in post-trade processing and reconciliations, with more efficient deal review timeframes and more importantly, reduced operational risk.”
In light of the award, TechBuzz sat down with CEO and Founder, Steve Shillingford to discuss the future of DeepSee.ai.
“I am grateful to have JPMorgan as a first customer because it was really hard to make sure we didn't build something that was a custom tailored suit for them and never be able to do anything else. And I spent a lot of time, me and the team, with JPMorgan directly, and to their credit, they understood that we weren't going to be very valuable to them if we just build a very custom solution. They helped us understand the market, the challenges, and regulatory compliance, as it's a really complicated vertical we're in,” explains Shillingford.
DeepSee uses natural language processing (NLP) to search for insights that would otherwise be lost in the torrent of data large companies deal with daily. The platform allows users to analyze a wide range of unstructured data types that historically wouldn’t have lent themselves to cross-document analysis. Examples of source data include any documents that use natural language, like PDF, DOC, XLS, JPG, XML, HTML, and email
Since the last TechBuzz article about DeepSee.ai, the company has utilized the $22.6 million Series A to build out Shillingford’s thesis and bring on other high profile clients.
The team has also worked to build a platform that users could not just navigate, but also drive. DeepSee.ai has developed a no-code interface to give users a lot of process flexibility and business intelligence, on top of automation, to really make their platform valuable.
“We just got really smart people here and they're super passionate about what we're trying to do,” says Shillingford. “What I love about the culture that we have here is—they get it. They get that we're not just building yet another widget, yet another flux capacitor that we want to sell into the market. I think this is really changeworthy and I think it's going to be very resistant to any economic headwinds we have going in the next year.”