HerculesAI, formerly known as Zero Systems, has announced a significant milestone with a $26 million Series B investment aimed at accelerating its growth in automating professional services. Founded in 2017 and originally focused on revolutionizing the legal industry, HerculesAI has been at the forefront of developing large language models (LLMs) well before their mainstream popularity surged with the advent of ChatGPT in late 2022.
Alex Babin, CEO and co-founder of HerculesAI, recalls the early days when understanding of LLMs was niche. "It was maybe eight or nine months before ChatGPT, and I remember speaking to our clients, explaining to CIOs what an LLM is — and no one cared," Babin told TechCrunch. However, the tide quickly turned, propelling HerculesAI into a period of rapid expansion over the past year.
Currently, HerculesAI deploys several models across three critical functions: intelligent data extraction, data transformation, and data verification. These capabilities enable the startup to automate complex tasks in regulated industries such as legal, insurance, and financial services. Babin emphasizes the significance of data verification as the "holy grail" in ensuring accuracy by comparing extracted information against trusted sources like regulations and contracts.
The startup's approach also includes building multi-agent systems that automate decision-making processes within high-value workflows, catering to continuous regulatory compliance and operational efficiency.
Despite the funding influx, HerculesAI plans to maintain a lean operational model, focusing on enhancing internal processes and automation rather than significantly increasing headcount. "I don’t see why we need to hire more people. We will actually invest more in our internal processes and automation. We have to eat our own dog food and use our own products to make ourselves more scalable," Babin explained.
Led by Streamlined Ventures, the Series B round also saw participation from Proof VC, Thomson Reuters Ventures, Alumni Ventures, and several industry angels. With a customer base that includes 30% of the top 100 law firms in the U.S. and Fortune 500 companies like Mercer and State Farm, HerculesAI is poised to leverage its latest funding to further solidify its position as a leader in AI-powered automation for professional services.
This investment underscores HerculesAI's commitment to advancing AI technologies that streamline complex workflows and enhance operational efficiencies across regulated industries, marking a pivotal moment in its journey towards transformative growth and innovation.
