Image: © JeanLuc Ichard/Stock.adobe.com
The Quantexa AI-powered data intelligence platform is now immediately available on Microsoft Azure Marketplace. It is targeting financial institutions wishing to combat fraud.
OpenAI is not the only artificial intelligence upstart signing deals with Microsoft. Today (12 March) Microsoft announced its new partnership with UK unicorn Quantexa.
Headquartered in London, Quantexa has offices in Dublin, Brussels, Malaga, the UAE, New York, Boston, Toronto, Sydney, Melbourne and Tokyo. The company’s AI-powered data intelligence platform helps clients in the public and private sectors leverage their data to make business decisions.
The deal with Microsoft means Quantexa’s services will become immediately available on Microsoft Azure Marketplace. The company plans to piggyback off of Microsoft’s massive market hold to entice mid-size banks based in the US to its platform.
A year-old unicorn
That’s not to say Quantexa is an unknown; it has been around since 2016 and counts the likes of PwC, EY, Dun & Bradstreet, KPMG and Moody’s among its partner network. It achieved unicorn status last April, following its Series E funding round which brought its valuation to $1.8bn.
The Microsoft deal was revealed during QuanCon24, a flagship conference the company holds every year. As well as the deal, the company showcased some new features coming to its platform, such as generative AI assistant Q Assist – which was initially spoken about last year.
Q Assist and other new tools
Today, Quantexa told conference attendees that Q Assist is being deployed by customers in banking, telecoms and government agencies as part of a pilot programme to tackle financial crime, fraud and risk.
Other AI-related updates came in the form of a preview of the tech’s ability to support analysis of any unstructured data source using entity resolution to give customers the ability to analyse large-scale graphs, as well as graph machine learning by combining LLMs and knowledge graphs.
There was also the reveal of new tweaks aimed at making deployment of Quantexa’s services easier, such as no and low-code tech updates.
Commenting on the deal and the new product announcements, Quantexa’s chief product officer Dan Higgins, claimed that decision intelligence has always been at the company’s core.
“At Quantexa, as we strive to innovate and evolve our technology offering to help enterprises and government agencies use contextual analytics and AI to improve decision-making, I am thrilled to see our latest technology roadmap ring true to that.”
Data, AI needed for finance ops
Tyler Pichach, director of financial services strategy at Microsoft said that the financial institutions which Quantexa is targeting through Microsoft Azure Marketplace have “become smarter and more efficient when it comes to successfully navigating shifting market dynamics”.
“This is creating the need to use trusted data and AI to augment and automate the thousands of operational decisions they make daily when it comes to managing their data, tackling financial crime, or identifying new revenue opportunities.”
Pichach concluded that Microsoft’s partnership with Quantexa would “drive joint innovation to help our customers across multiple industries tackle some of their biggest challenges”.
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