Digital Reasoning Raises $40 Million in Series D Round Led by Lemhi Ventures and Nasdaq, Makes Key Board Appointments

Investment to accelerate R&D in advanced audio and image analysis, data science and new solutions across Enterprise, Government, and Health Care

NASHVILLE, Tenn.--()--Digital Reasoning, a leader in cognitive computing technology, announced today that it has raised $40 million in Series D funding, led by Lemhi Ventures and Nasdaq, joined by existing investors Goldman Sachs and HCA. As a result, Tony Miller, managing partner at Lemhi Ventures, will join Digital Reasoning’s board as a director, and Adena Friedman, President and COO at Nasdaq, will join Digital Reasoning’s board as an observer.

The investment recognizes the transformative impact of cognitive computing technology on life, business and the global economy. Technological advances in learning algorithms are disrupting traditional software markets, making it possible for companies like Digital Reasoning to create valuable new tools for knowledge workers and data scientists across key industry sectors that enhance customer outcomes, prevent or reduce criminal behaviors and change the way illnesses are diagnosed and treated.

“Digital Reasoning has built an unmatched track record of helping our customers solve their most challenging problems across industries with a leading enterprise cognitive computing platform and intelligent assistants for key customer use cases,” said Tim Estes, CEO of Digital Reasoning. “This latest funding round accelerates continued innovation by enabling us to implement state-of-the-art Deep Learning technology into all of our offerings, deliver the world’s leading holistic surveillance solution in partnership with Nasdaq, add talented team members to pursue life saving analytics in health care with HCA and others, and drive novel Data Science initiatives at the world’s most valuable companies. We are very grateful to work with such an amazing team of investors who understand the leadership and differentiation Digital Reasoning offers and are committed to us building the world’s most valuable, independent cognitive computing company.”

“Digital Reasoning is helping health care professionals deliver better patient outcomes and achieve greater operational efficiencies by uncovering insights that were previously concealed within Electronic Health Records (EHRs) and other health care datasets,” said Tony Miller, founder and managing partner, Lemhi Ventures. “We recognize just how disruptive Digital Reasoning’s cognitive computing approach is, and are confident they have the right team to truly help providers, payers, and patients fundamentally make better informed decisions in less time,” added Miller, a former health care entrepreneur with experience at UnitedHealth Group and Deloitte.

“Nasdaq is expanding Digital Reasoning’s access to the capital market ecosystem by becoming their exclusive commercial partner for surveillance, compliance and supervision technology,” said Adena Friedman, President and Chief Operating Officer, Nasdaq. “By combining Digital Reasoning's highly innovative and unique e-communications compliance solution with the industry-leading Nasdaq SMARTS Surveillance solution, we are providing compliance officers and supervisors globally with an unparalleled opportunity to make critical connections across employee communications and trading behavior to create a holistic approach to their compliance programs.”

"Investor confidence reflects Digital Reasoning’s performance in helping many sectors address risk - from external threats, to advanced compliance applications, to financial performance,” said Dr. Jack Lord, Digital Reasoning’s Board Chairman and the former Chief Medical Officer of Humana. “Our investors are also partners in the co-creation of next generation products and applications. In health care with HCA, we have moved boldly into a new domain - improving clinical care and decision support for clinicians.”

About Digital Reasoning

Digital Reasoning delivers trusted cognitive computing for a better world. For more information go to and follow on Twitter at @dreasoning.

About Lemhi Ventures

Lemhi Ventures is a health care services venture capital firm headquartered in Wayzata, Minnesota. With over $330M in assets under management, Lemhi leverages a point of view investing approach and the operating background of its team to invest in and build innovative and disruptive companies.

About Nasdaq

Nasdaq, Inc. (Nasdaq:NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,600 listed companies with a market value of approximately $8.8 trillion and more than 10,000 corporate clients. To learn more, visit: or


Digital Reasoning
Jason Beck, 615-567-8633

Release Summary

Digital Reasoning raised $40 Million in Series D round led by Lemhi Ventures and Nasdaq, and made key board appointment. The investment will accelerate key R&D into advanced cognitive computing.


Digital Reasoning
Jason Beck, 615-567-8633