New York-based software startup Alkymi recently raised $5 million in a seed round to help financial institutions and other enterprise clients automate back-office workflow.

The company, part of INV Fintech’s current startup class, calls its automation solution Data Inbox, and uses machine learning that can be applied to various parts of everyday operations, including finance, human resources, sales and IT. For example, by leveraging Alkymi’s Data Inbox, a bank could automatically extract and structure data from emails and documents sent by a business client applying for a loan, thus avoiding the need to process that documentation manually.

The AI solution works with the enterprise’s email platform, file-organization application and document-sharing application used on the job. Alkymi’s standard API then connects the data in the applications and emails to the Data Inbox. According to Harald Collet, Cofounder and CEO of Alkymi, businesses struggle to manage data and documents, which is often a repetitive task that gets in the way of higher value tasks.

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“The Data Inbox takes these documents and emails and it inputs them into an environment where you can apply machine learning to the process of automating operations,” Collet explained. “The value of that data is typically very high; it would be [used] for onboarding a customer or to measure business performance.”

Collet said that Alkymi aims to automate more than half of manual repetitive workflows for enterprises, and the Data Inbox can quickly automate 30% to 40% of these workflows, and improves by learning over time, allowing workers to focus their energies on tasks that require more human supervision.

“Customers want software with transformative impact that is also easy to integrate into existing workflows,” Collet said. “Customers tell us that our Data Inbox and self-automated technology frees up their business analysts from data entry to actually do what their jobs should be: generating business insight.”

SimCorp, an international investment software provider, is also a new Alkymi client. The software provider is integrating the Data Inbox to its SimCorp Dimension platform to address data challenges for institutional investors.

Alkymi was founded in 2017 in New York City, and funding was led by Canaan with participation from investor Work-Bench and SimCorp. It currently has seven employees in New York and plans to use the new funding to grow its staff, TechCrunch reported.

“We’re continuing to hire a lot of engineers and data scientists in New York, and at the same time we’re adding more go to market capabilities to the team,” Collet confirmed, adding that Alkymi’s staff “is expecting to more than double by the end of the year.”

Learn more about Alkymi at their DEMOvation at Bank Innovation Ignite, which will take place on March 2-3 in Seattle. Ignite is a must-attend industry event for professionals overseeing financial technologies, product experiences and services. This is an exclusive, invitation-only event for executives eager to learn about the latest innovations. Request your invitation.