Natural language processing firm Eigen Technologies has completed a $37m (£29m) Series B funding round.

It brings the total funding raised by the firm to $55m (£43m) following the company’s Series A round in June 2018, which was co-led by Goldman Sachs and Temasek.

The firm’s technology is currently deployed for use cases which include bank capital optimization, asset-backed securities analysis, portfolio origination, and complex regulatory compliance exercises.

Since its Series A raise the firm has more than doubled its headcount, grown its recurring revenue six fold, and expanded its client base to include over a quarter of the world’s Global Systemically Important Financial Institutions (G-SIB); those that could cause a financial crisis should they fail.

The new capital will be used to further accelerate this growth, with significant investments across the company in both its technical and commercial teams.

It will also double down on its commitment to be a transatlantic business, with additional senior management roles based out of New York.

Since its founding by Dr. Lewis Z. Liu and Jonathan Feuer in 2014, Eigen has enabled organizations to automate the extraction of unstructured qualitative data from documents and other text sources.

“When we founded Eigen five years ago, I wanted build a research-led transatlantic business. Since the Series A we have made great progress by massively scaling the company, expanding our client base, and integrating cutting-edge machine learning techniques into our NLP product,” said Co-founder and CEO of Eigen Technologies Dr. Lewis Z. Liu said:

“Eighty to 90 per cent of the enterprise data in the world today is unstructured information such as text, meaning that most organizations are unable to it unlock its value.

“The new funding will enable Eigen to further its core mission by unlocking the value of our clients’ qualitative data.

“This will be underpinned by another big investment in our science team, which will double in size so that we can continue to stay at the forefront of machine learning research.”

Partner and Chief Technology Officer of Lakestar Stephen Nundy added: “Having known Lewis and the team at Eigen for many years, and seeing first-hand their best-in-class technology establish itself as a true market leader across financial services, we at Lakestar are immensely proud to be able to lead this European-based, but globally focused team, to their next stage of supercharged expansion with this strong round of funding.”