A Chicago-based workflow automation startup just landed funding from the CIA's venture capital arm as it looks to bring its technology to the government sector and U.S. intelligence agencies.
Catalytic announced Tuesday that it raised an undisclosed amount of funding from In-Q-Tel, a nonprofit VC firm funded by the CIA. The startup will use the funding to better help federal, state and local governments automate services and tasks.
Founded in 2015, Catalytic creates no-code software that helps companies automate business processes. 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. Its customers include Bosch, Mayo Clinic and Fourkites.
Now with backing from In-Q-Tel, Catalytic will bring its automation technology to the U.S. intelligence and defense communities.
"Our solutions can be leveraged by users at all levels within government agencies, and we’re looking forward to delivering solutions for the public sector’s unique technology challenges," Catalytic CEO Sean Chou said in a statement.
Chou was the former CTO and second employee at Chicago tech company Fieldglass, which sold to SAP for more than $1 billion in 2014.
Catalytic last raised $30 million in 2019 in a round led by Intel. Its other backers include Redline Capital, NEA, Boldstart and Hyde Park Angels.
Other Chicago startups backed by In-Q-Tel include Ocient and Narrative Science.
