Unlike other unstructured to structured systems that are designed for document review workflows, Bem is positioned as a product building block. It can be integrated directly into end products and exposed to end users, making it a versatile solution for software companies in industries such as logistics, supply chain, healthcare, and insurance. Bem’s platform is built on a combination of foundation and open-source models, which are fine-tuned and trained based on each customer’s data. The company prioritizes data isolation and does not share data across different models.
The $3.7 million funding will be used to further develop Bem’s platform, invest in the engineering team, conduct research and development, and improve the product. The company is currently in a private beta phase with 10 early customers and plans to target organizations between the Series C and public stages. This funding round was led by Uncork Capital, with participation from Lookout’s founder Kevin Mahaffey, Roar Ventures, and angel investors including Y Combinator’s Garry Tan.
Bem’s CEO, Antonio Bustamante, emphasized the significance of Bem’s service in addressing the common problem of messy data ingestion. He believes that companies of all sizes struggle with this issue and that Bem’s automated solution provides a no-brainer alternative to manual data review. The democratization of data and the power of data are at the core of Bem’s mission. Previously, only big technology companies had the infrastructure and capabilities to transform data in the way Bem is offering. By making this capability accessible through its platform, Bem aims to enable companies of all sizes to improve their data handling processes and build better software.
In terms of competition, Bem’s CEO mentioned Unstructured as a competitor that focuses on a different customer base and deals only with documents. However, Bem’s biggest competitor is the status quo of companies attempting to build their own data conversion capabilities in-house. Bustamante noted that many customers prefer Bem’s solution because building it themselves would be more expensive than expected.
Regarding pricing, Bem currently determines it on a case-by-case basis, measuring the amount of data sent and designing a cost plan accordingly. However, the company plans to standardize its pricing structure in the coming months to make it more tangible and visible. The goal is to deliver an ROI of at least 25 to 30 times, as solving the problem of messy data ingestion is known to be costly.
Overall, Bem’s AI data interface provides a valuable solution for engineering teams struggling with data pipelines. By automating the conversion of unstructured data into any desired data shape, Bem saves engineers’ time and allows them to focus on more important tasks. With its seed funding, the company aims to further develop its platform and expand its customer base, bringing the benefits of structured data as a service to more organizations.
