AI firm raises £13m for global expansion
A research-led artificial intelligence firm which helps major law finance, law and professional services firms use data to make better decisions has secured a £13m investment to expand.
Eigen Technologies’ Series A funding round was co-led by Goldman Sachs Principal Strategic Investments (PSI) and Singapore-based investment company Temasek.
The company's NLP (natural-language processing) technology automates the process of accurately extracting data from documents to allow businesses to make better decisions.
Founded in 2014, Eigen now has a team of 50 people based in London and New York. Since winning Linklaters as its first client in 2015, the firm has expanded its list of customers to include Goldman Sachs, Evercore and ING.
"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," said co-founder and CEO Dr Lewis Z. Liu.
The money 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.
Dr Lewis added: "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."
Jonathan Feuer, co-founder and chairman, 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."
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