Eigen Technologies, the research-led artificial intelligence company for finance, law, and professional services, has completed a £13m ($17.5m) Series A funding round co-led by Goldman Sachs Principal Strategic Investments (PSI) and Temasek.
The Series A proceeds will be used to fund the expansion of the business in London, New York, and other global markets, including Asia and the Americas. Eigen will also use the funds to support a substantial additional investment in research and development.
Eigen’s flexible NLP technology addresses the challenges of unstructured qualitative data. Eigen automates the classification and extraction of this data from documents and other text sources with market-leading accuracy rates. This information is then converted into easily analyzable structured data in a fraction of the time and manual effort required by traditional methods. By giving its clients a comprehensive understanding of their qualitative data, Eigen enables them to make better decisions on everything from complex financial regulation to due diligence. Eigen’s technology has been used for tasks as diverse as calculating risk-weighted assets to making fast, accurate decisions about whether to bid on asset portfolios.
Eigen was founded in 2014 and now has a team of 50 people based in London and New York. Its NLP technology is used by clients across the financial, legal, and professional services sectors on a range of use cases. Since winning Linklaters as its first client in 2015, Eigen has expanded its list of clients to include, among others, Goldman Sachs, Linklaters, Evercore, and ING.
Co-founder and CEO of Eigen Technologies Dr. Lewis Z. Liu said: “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. With our partners, each of whom is a leader in its sector, we will continue to expand across multiple markets and geographies, as well as doubling down on our investment in research and development, which will always be at the heart of our company. 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.”
Co-founder and Chairman of Eigen Technologies Jonathan Feuer said: “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. This will enable us to serve our clients anywhere in the world.”
Copyright © 2019 Legal IT Professionals. All Rights Reserved.