Taktile, a New York-based startup that helps businesses such as banks and insurers automate business decisions, has raised $20 million in its Series A funding round. Index Ventures and Tiger Global led the funding round.
The new funding will help the SaaS startup expand further in the US market, which has proven remarkably successful, as evidenced by its 4x client base growth in recent months. Taktile claims that its revenue has more than tripled. The startup did not provide specific revenue figures.
The startup claims to power over 250,000 decisions daily and counts the fintech Branch, Moss, and Rhino among its clients. In the end, this has enabled the business to develop at a rate of almost 300 percent in only the last year.
“Today, too many businesses rely on automated decisions that they rarely revisit, which causes them to overlook critical risks, respond to market changes too late, and thus leave money on the table,” commented Taktile co-founder and CEO Maik Taro Wehmeyer.
Taktile assists industry titans in removing the guesswork from their decision-making processes
Figuring out how much to charge for an insurance policy often involves several processes in the insurance industry. A different set of duties are involved in issuing an insurance policy for a small firm than in negotiating a deal with a large corporation. Furthermore, depending on the circumstance, such steps frequently change.
Similar to other businesses, banks have several steps in the loan-issuing process that might change depending on the nature of the transaction. Banks and insurance companies typically use automated software workflows to manage multistep business tasks.
Taktile, a 2020 Y Combinator alum, offers a platform that claims to make it easier for businesses to create automated workflows.
“By allowing businesses to adjust their decision flows quickly, easily, and data-driven way, we help them optimize decision accuracy, reduce risk, and significantly improve their margins. Combined with our off-the-shelf data integrations across the globe, this not only helps our customers improve their unit economics but also enables them to launch new lending and insurance products fast,” said Maik Taro Wehmeyer.
By providing readymade interfaces with well-known financial data sources, Taktile’s platform eliminates the need for businesses to develop proprietary connectors. The platform can also communicate with renowned platforms for cloud-based artificial intelligence.
With the latter function, businesses may use neural networks in their software workflows for jobs like processing loans. Before putting their program into production, developers can assess its dependability using a simulation tool from Taktile.