(Bloomberg) --Poetic, an artificial intelligence startup, is emerging from stealth with $50 million in funding to help businesses streamline complex tasks, ranging from insurance underwriting to financial compliance.
Kleiner Perkins led the financing, with participation from OpenAI and Peter Thiel's Founders Fund, Poetic announced on Wednesday. The company is now valued at $500 million.
Poetic was founded by Markie Wagner, who previously launched an AI consultancy called Delphi Labs and worked on machine learning at Alphabet Inc.'s Google and Waymo. The startup is building a platform to automate essential, time-consuming tasks with AI. To that end, it's developed a programming language meant to help professionals use AI more cost-effectively.
"What Poetic has built is genuinely different — a platform that can execute the complex, high-stakes processes that large enterprises actually run, with accuracy that exceeds what human teams can deliver," said Leigh Marie Braswell, a partner at Kleiner Perkins.
Poetic's customers includes SoFi Technologies Inc. and American International Group Inc.
