Squirro, a Swiss business intelligence startup, has announced it has secured a landmark project with the European Central Bank. The agreement will integrate Squirro’s Insight Engine and Risk Insights solution to ECB, which is the central bank of 19 European Union countries.
The company classifies itself as an “augmented intelligence” startup. It aims to help businesses improve business opportunities through artificial intelligence and machine learning modules. Squirro’s Insight Engine delivers insights from most relevant data sources and displays them through integrations or applications. As for its Risk Insights, the tool helps businesses monitor and contextualize all relevant risk factors.
“We work with some of the world’s biggest and best-known banks and regulatory institutions, confirming our position as a visionary and trusted Augmented Intelligence company,” said Dr. Dorian Selz, CEO, and co-Founder, Squirro. “Our Insight Engine overhauls enterprise access to information, providing relevant and context-based results to improve the efficiency of business processes. In addition, our Risk Insights solution provides more effective risk mitigation, supporting the digital transformation processes in financial services institutions.”
Squirro is also announcing the acquisition of US startup deal sourcing platform open.exchange, expanding Squirro’s reach in the US and enhancing its technology offering. Open.exchange will integrate with Squirro’s existing applications to form an even more rounded offering and will further enhance Squirro’s existing technology to increase the speed and flexibility of the platform.
The company will be acquiring open.exchange from BuildGroup, the capital investment firm founded by former Rackspace CEO Lanham Napier. As part of the acquisition, BuildGroup has made a $4 million investment in Squirro.