Sean Chou's software startup Catalytic, which helps companies automate business processes, has raised a new round of funding as the Chicago company looks to double its headcount over the next year.
Catalytic announced Monday that it has raised $30 million in a Series B round of funding led by Intel Capital, the venture arm of Silicon Valley semiconductor giant Intel. Other backers in the round include Redline Capital, NEA, Boldstart and Hyde Park Angels.
Catalytic has now raised $42 million to date, Chou said in an interview.
Chou---the former CTO and second employee at Chicago tech company Fieldglass, which sold to SAP for more than $1 billion in 2014---said Catalytic will use the funding to double its headcount by the end of the year. It currently has around 60 employees between its offices in the West Loop and Naperville. Chou said the startup is also considering opening new offices on the west coast and in Europe.
Founded in 2015, Catalytic is one of Chicago's most high-profile young startups, in part due to Chou's success at his previous venture. Fieldglass' ten-figure exit was one Chicago's largest startup acquisitions ever.
Catalytic's intelligent automation platform uses natural language processing and machine learning to help companies automate business tasks. It specializes in taking unstructured data, such as business contracts, and automating otherwise manual tasks like processing data and reviewing documents. Catalytic's artificial intelligence helps companies free up their employees' time from data-heavy tasks and improve accuracy. Catalytic's customers include Bosch, Dentsu Aegis Network, Mayo Clinic and UL.
Catalytic isn't the only Chicago company backed by Intel Capital, which has become one of the most active corporate venture funds in Silicon Valley. It has also invested in InContext Solutions, a virtual reality solution for retail, and HERE, a mapping tech company with a large Chicago presence.
