September 23, 2013
Did you know there is an API Billionaires Club?
It’s true. And AlchemyAPI is a member. (As are Google, NetFlix, Facebook, Twitter, eBay and Amazon.)
Used over 3 billion times every month, AlchemyAPI is a text-mining platform that provides structure to unstructured data. By organizing conversations, blog posts, press releases and other content into an output that can be analyzed, end-users are able to perform large-scale social media monitoring and examine sentiment.
That’s only the tip of the iceberg regarding the use of data analysis for informed decision-making.
With the business intelligence gleaned from the data, advertisers can target more effectively, traders can make more accurate decisions on stocks, and developers can create smarter applications and services, to name only a few of the uses of the natural language processing service. The market is ripe; an International Data Corp. study estimated that Fortune 500 companies are losing $12 billion per year in value because they are not exploiting unstructured data such as text.
Businesses use AlchemyAPI to build text analysis functionality into an application, service, or data processing pipeline. At the enterprise level, natural language processing provides valuable insight into competitive intelligence, customer service, sales opportunities and market research. In addition to the 3 billion calls a month, users hail from 36 different countries making AlchemyAPI an often-cited player in the field of a cloud-based natural language processing services.
The application of a text analysis API in the corporate world – as well as for startups looking to gain a foothold in the analytics space – is easy to see. Founder Elliot Turner stated in an interview that 95 percent of those using AlchemyAPI are paying customers (the five-tiered pricing structure has a freemium offering.)
Turner, a serial entrepreneur, not only founded AlchemyAPI but self-funded it with proceeds from the sale of his first company, MimeStar. Turner founded MimeStar, an intrusion detection system for computer networks, at age 15. With a roster of customers including the U.S. Army and various state and federal agencies, he sold the company for $5 million. His passion for using computer algorithms to solve the world’s big data problems led Turner to shift focus to automatically mining human communication.
AlchemyAPI was featured in Tech Cocktail’s Denver Mixer and Startup Showcase. Learn more about AlchemyAPI and while you’re there, try a demo by pasting in the URL of a site to receive a sample text analysis.
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