Eigen Technologies, which automates the classification and extraction of data from documents for finance, law, and professional services firms, today (11 June) announced that it has completed a £13m ($17.5m) Series A funding round co-led by Goldman Sachs Principal Strategic Investments (PSI) and Temasek.
The London-headquartered company will use the proceeds 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, which was founded in 2014, first began gaining serious profile in the legal sector towards the beginning of 2017, when it won Linklaters as a client. The Linklaters IT team and lawyers collaborated with Eigen to launch a homegrown AI-backed data analysis and extraction tool called Nakhoda.
Eigen’s natural language processing technology automates the extraction of unstructured, qualitative data, enabling better decision making. 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.In addition to Linklaters, it counts Goldman Sachs, Evercore and ING among its clients.
Eigen currently has a team of 50 people based in London and New York.
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.”