DeepOpinion Secures €11 Million to Advance Enterprise Automation with AI Agents

Innsbruck, Austria - September 26, 2024: DeepOpinion, a startup specializing in enterprise agentic process automation, has raised €11 million in a Series A funding round. The company's technology uses advanced AI agents to automate complex, knowledge-intensive tasks in business operations. This funding round, co-led by Red River West and AIpha Intelligence Capital, with participation from existing backers Lunar Ventures and Stride VC, will fuel DeepOpinion's global expansion and further development of its core AI platform. The investment positions DeepOpinion as a potential leader in the emerging field of agentic automation for business processes, particularly for tasks traditionally involving complex work that knowledge experts typically perform. 

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From Devastation to Hope

Recent floods in Austria have exposed a critical challenge in disaster response: insurers face a 10 to 50-fold surge in claims, overwhelming traditional processing methods. The current approach, relying on human administrators, takes about five weeks per claim, causing significant delays and distress for disaster victims.

The core issue lies in handling vast amounts of unstructured data from various emails, documents, messages, forms, and more - a persistent challenge in traditional automation solutions. With 93 million people globally affected by disasters in 2023 alone, efficient processing is crucial.

DeepOpinion's platform addresses this challenge by leveraging a complete system to create agentic AI applications without code. The platform automates claims in just 90 seconds, representing a significant shift in handling unstructured data at scale.

The platform's key innovations include AI agents acting as intelligent experts between a company’s various software tools and a self-optimizing system that learns and improves based on human feedback to realize touchless processing of data from diverse sources. These technologies enable the creation of custom applications that automate the entire claims process.

This AI application goes beyond process optimization, demonstrating how artificial intelligence can also address urgent societal needs. By dramatically reducing claim processing time, DeepOpinion's solution provides quicker financial relief to disaster victims, potentially mitigating psychological and economic impacts.

Pioneering the $850 Billion Revolution in Enterprise Automation

DeepOpinion's AI technology is poised to disrupt the $850 billion global back-office operations market. The company's advanced AI stack targets repetitive cognitive tasks across multiple industries, offering a versatile solution for complex business operations.

DeepOpinion's AI revolutionizes claims processing, document management, and underwriting in the insurance sector. It streamlines customer onboarding, trade financing, and loan processing for banking. The technology's reach extends to shared services, manufacturing, telecommunications, and well beyond.

Stefan Engl, DeepOpinion's co-founder, emphasizes the platform's transformative nature: "We're not just improving productivity; we're reinventing work itself. Our AI delivers full autonomy for knowledge-intensive workflows, automating entire processes end-to-end."

Engl highlights the multiple impacts of their solution: "We're addressing the evolving workforce dynamics by automating tasks unappealing to younger generations and filling gaps left by retiring workers. Simultaneously, we're meeting the 'instant expectation economy' demands through rapid, automated operations. This empowers businesses to expand seamlessly across sectors, driving growth and efficiency."

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A Unique Approach to Solving Complex Knowledge Work

"DeepOpinion stands out in the crowded AI landscape with its ability to fully automate complex knowledge work at scale," said Antoine Blondeau, Managing Partner at Alpha Intelligence Capital.

Oliver Huez, Partner at Red River West added, "Traditional automation tools, like robotic process automation (RPA) systems, were never structured to fully automate end-to-end knowledge work. Unstructured data, such as documents, emails, and tickets, constitute the bulk of information flow in the business world. Without a solution to handle these, the level of automation is limited. We talked to many players, and none have come close to DeepOpinion in terms of performance. DeepOpinion’s  technology and ability to handle such data provide its clients a higher return on investment, an order of magnitude higher, positioning it as a leader in the next wave of intelligent automation systems for business operations.”

DeepOpinion's proprietary technology leverages context-understanding capabilities and large language models (LLMs) to process any data you’d expect to encounter in a back office. It adapts to any document type, offering zero-shot document understanding that eliminates the need for templates or training data, and connects to over 200 enterprise software tools. The solution is ready-to-go, and organizations can streamline operations in weeks instead of several quarters. 

Karsten Vogel, an Innovation Leader at Uelzener Insurance, and a user of DeepOpinion said: "The big challenge for us is dealing with highly unstructured data and very different invoices, and ensuring that they are all processed accurately. Before working with DeepOpinion, the technology wasn’t able to deliver the results we needed, and manual intervention was still required.

"Currently, we are extremely satisfied with our results [...] DeepOpinion stands out because of its technological solution and progress. The speed at which we can bring projects to market—within a quarter—is extraordinary. This is not something we could have achieved with other providers."

DeepOpinion has bolstered its leadership team with four automation industry veterans. Graeme Clark, former SVP - EMEA at Blue Prism, UiPath’s former Regional Vice President Chris Zechmeister, former Sales Director Enterprise Accounts Christiane Klecz, and former Director - Strategic Partnerships EMEA Hendrick Leitner. These executives bring deep expertise in scaling AI and automation companies. Their addition signals DeepOpinion's intent to accelerate its market presence and refine its AI-driven automation platform for enterprise applications.

Clients across the insurance, financial services, and telecommunications sectors have already turned to DeepOpinion. Notable names include manufacturer Siemens, telecom provider e&, trading platform BitPanda, reinsurer HannoverRE, and insurers such as Uelzener and Allianz, which have reported automating important claims processing tasks using DeepOpinion's platform.

Engl added, “With our technology, victims of everyday inefficiencies or even natural disasters won’t need to wait for support from their insurer, bank or otherwise. The space between a request and response will be near instant, and people will use the available time to invest in human relationships, paving the way for a future where efficiency and empathy coexist seamlessly.”

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About DeepOpinion

DeepOpinion offers an enterprise-grade Agentic Automation platform enabling teams to put their business operations on autopilot - especially the hundreds of challenging unstructured data jobs like claims management, loan approvals, and purchase-to-pay processing. Combining Agentic AI, business process digitization, and no-code development, DeepOpinion enables teams to create sophisticated AI apps in minutes to achieve 90%+ straight-through processing efficiency. Trusted by industry leaders such as Allianz, HannoverRe, Erste Group, e&, Bitpanda, and Siemens, DeepOpinion's innovative solution allows insurers, banks, shared service centers, and more worldwide to realize unprecedented savings, speed, and scalability.

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About Red River West

Red River West is a transatlantic VC fund supporting exceptional European technology companies with differentiated offerings for the US market. The fund is led by tech entrepreneurs and investors in Europe and the US, who all share a track record of building and backing start-ups that became global leaders through EU to US expansion. Red River West believes Europe is home to a talented and driven pool of entrepreneurs. By providing significant financial firepower and hands-on support in Europe & the US, Red River West helps these entrepreneurs realize their full potential. For more information, visit: www.redriverwest.com

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About Alpha Intelligence Capital

Alpha Intelligence Capital (AIC) is an entrepreneurs-led, entrepreneurs-invested global venture capital platform. It focuses on investing in companies developing advanced Artificial Intelligence and Machine Learning (AI/ML) technologies in the Seed to Series B stages, creating breakthrough products and solving real business problems. The teams at AIC operate out of San Francisco, Paris, and Singapore. For more information, visit www.aicapital.ai  

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