Chicago startup Catalytic snagged some new cash from existing investors as it looks to bring its artificial intelligence software to more businesses.
Catalytic has raised $5.6 million in new funding, according to an SEC filing. Founder and CEO Sean Chou said in an email that it was an inside round from the startup's existing investors who were "enthusiastic supporters in advance of, and to provide for a better Series B."
Catalytic previously raised $11.1 million Series A in 2016 from a handful of notable investors, including NEA, Valor Equity, Boldstart Ventures, Pritzker Group, Hyde Park Angels, Hyde Park Venture Partners, Sam Yagan’s fund Corazon, Lightbank, and Chicago Ventures.
Chou said Valor and Hyde Park Angels "substantially increased their stake."
Chicago Inno reported in March that the startup was gearing up to raise more capital in order to "double or triple the staff over the next six to 12 months." The startup said it had 45 employees in March.
Catalytic is an artificial intelligence startup that helps companies automate business processes. Its software helps simplify common business tasks like generating financial documents or analyzing customer emails to determine if they are happy or not.
Founded in 2015, Catalytic is considered one of Chicago's more promising up-and-coming startups. Chou's last business, Fieldglass, was acquired by SAP for more than $1 billion in 2014. Chou was the company's CTO and second employee.
