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Digital Reasoning, the Franklin-based company that has helped fight terrorism with its cognitive computing technology, has raised $24 million in funding led by Goldman Sachs and Credit Suisse.
The company, led by CEO Tim Estes, has helped the federal government decipher vast amounts of data for military intelligence and is now helping large banks detect internal problems to address bad behavior on the front end, rather than through costly litigation. Estes is also looking to the health care sector for future expansion.
The Credit Suisse capital comes from the banks private equity fund, NEXT Investors, managed by its asset management division. The investment is a Series C, or third, round of funding for Digital Reasoning.
(This investment) marks a key milestone on our journey to becoming the trusted leader in cognitive computing that answers critically important questions in a Big Data world, CEO Tim Estes said in a statement. Our companies simply could not be better aligned given their depth of knowledge, global reach and commitment to innovation.
Digital Reasoning named Goldman managing director Tom Jessop as a board director.
The company has offices in Franklin, Washington, DC, London and New York and the funding will allow it to further develop products and boost sales in North America and Europe.
Digital Reasoning has also received funding from the Partnership Fund in New York City, NCN Angel Fund II and has raised at least $750,000 from Tennessee Angel Fund, a TNInvestco fund run by the Nashville Capital Network. Investors affiliated with the Nashville Capital Network have also invested in the company, according to a release.
What started as an angel investor-backed company in Nashville is now a global organization financed by two highly strategic private equity firms, said Sid Chambless, executive director of the Nashville Capital Network. This capital enables Digital Reasoning to pursue an expansion plan which is promising for the company, our investment and the city of Nashville.
Reach Jamie McGee at 615-259-8071 and on Twitter @JamieMcGee_.
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Apple is gearing up to launch its first mobile payments system, Apple Pay, which will allow you to make purchases with the iPhone 6 or iPhone 6 Plus by simply tapping your phone.#xA0;
With the recent JP Morgan breach and Target hack that resulted in millions of stolen credit card numbers last year, you may be reluctant to use your phone as a payment method. Visa, however, assures that your information will remain safe thanks to the new#xA0;Token Service it launched last month.#xA0;
So what does this mean for Apple Pay users? Basically, if you#x2019;re using a Visa credit card, your payment credentials won#x2019;t be used when you execute transactions. In fact, Visa says they won#x2019;t even be stored on your phone at all.#xA0;
Instead, the technology generates a specific digital account number that#x2019;s associated with your card. That means Apple Pay would never actually passes your 16-digit credit card number through to a merchant when you#x2019;re making a purchase with a Visa card. Rather, the digital account number is passed through to the merchant and then to Visa to charge your credit card.
This could prevent a hacker from intercepting your credit card number, since your credit card information isn#x2019;t actually being transferred.#xA0;
If an intruder happens to retrieve your token, he or she won#x2019;t be able to perform any purchases with your card, according to Visa. To complete a purchase, Apple Pay requires a few different authenticators, such as your Touch ID fingerprint and Apple ID among other things.
If your phone is lost or stolen, Apple will completely wipe the token. You wouldn#x2019;t even need to replace your credit card, Visa said.#xA0;
Visa#x2019;s Token Service isn#x2019;t just for Apple Pay #x2014; the company is making it available to all of its issuing financial institutions around the world starting with those in the US. But it#x2019;s worth noting that the service will work with Apple Pay when it launches.#xA0;
Apple says its payment platform will be launching in October, but has yet to specify a hard release date. Visa tells us it expects #x201C;merchants and banks#x201D; to make some announcements in the next few weeks, but didn#x2019;t specify what the announcements would entail and whether or not they would be related to Apple Pay.#xA0;
More From Business Insider#xA0;
- A New Breed Of Apps Could Completely Change The Way We Pay In Bars And Restaurants
- Here#x2019;s What Apple Pay Will Look Like The First Time You Set It Up
- The Mobile Payment Industry Is About To Explode, With Apple Leading The Way
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News about another data breach is becoming a regular occurrence