Eigen Technologies’ Series B funding round has reached £33m.

ING contributed £4m of follow-on funding to close the round and take its total funds raised to around £50m.

Eigen’s natural language processing technology is used by major asset managers, hedge funds, law firms and insurers.

Eigen and ING have agreed a strategic partnership to develop use cases for NLP technology in financial services.

ING is the second strategic investor that Eigen has brought on board, alongside Goldman Sachs, another Eigen client who co-led Eigen’s Series A round in 2018.

“Since our foundation, one of Eigen’s greatest strengths has been the deep and strategic relationships we have with our clients and partners,” said Eigen Technologies co-founder and CEO Dr Lewis Z. Liu.

“In the years we have worked with ING we have found them to have some of the most advanced thinking in the market on the application of machine learning in financial services, something that comes from their fantastic innovation culture.

“To have ING join us as both an investor and strategic partner is a great privilege.”

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Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures said: “Eigen offers a strategic capability in the intelligent operations domain, deployed in use cases across retail as well as wholesale banking.

“This partnership will allow both companies to work closer together when implementing use cases through data and process analysis, so as to accelerate Eigen’s advantage in NLP as well as ING’s digital transformation.”