AI company Eigen Technologies has just closed one of the UK’s largest Series A rounds so far this year, to develop tech which automates document data analysis.
The London-based firm raised a whopping £13m ($17.5m) in a round co-led by Goldman Sachs Principal Strategic Investments (PSI) and Temasek.
Eigen Technologies is a research-led artificial intelligence company which specialises in Natural Language Processing for firms in the finance, law, and professional sectors.
The company has developed technology which automatically extracts and classifies information found in documents, which can then be integrated into client workflows.
The machine learning algorithm recognises patterns in texts, with the aim of using data to drive down costs, calculate risks and achieve financial regulation. Eigen’s technology can use risk-assessment to help make a decision on whether to bid on asset portfolios, for example.
This fresh funding will be used to expand the business in its London and New York headquarters, as well as in Asia and the Americas. It will also help the team with its R&D efforts.
Since it was founded in 2014, Eigen has grown to a team of 50. Co-founder and CEO of the company, Dr. Lewis Z, commented on the investment news: “Three and a half years ago we set out to be a truly unique AI company, one that allows our clients to harness the power of their qualitative data to make better decisions. This Series A round underlines our ambitions and is the next major step in our expansion plan.
“Eigen is defined by its people, and they will continue to be our biggest area of investment going forward. I can’t wait to get started on the next chapter of building our business,” he added.
Eigen’s technology is used by clients such as Linklaters, Goldman Sachs, Linklaters, Evercore, and ING. Fello founder, and chairman, of Eigen Technologies Jonathan Feuer concluded: “When we founded Eigen, we knew we wanted to build a business capable of serving the most demanding financial, legal, and professional services clients with new and unique technology.
“As Eigen’s sole investor since its formation, I am delighted to be joined by our new partners in this funding round, each of whom will bring immense value and experience to us as we scale. Furthermore, the additional financial resources will allow Eigen to grow more rapidly by attracting the best global talent.”