In a round co-led by Lakestar and Dawn Capital, natural language processing technology provider Eigen Technologies has raised $37 million (£29 million) in new capital. The investment, which also featured participation from Temasek and Goldman Sachs Growth Equity, takes the London-based company’s total funding to $55 million (£43 million).
Eigen plans to spend the funds to accelerate growth, including investments in technical and commercial talent. The company will also strengthen its transatlantic profile by basing additional senior management in New York.
“When we founded Eigen five years ago, I wanted to build a research-led transatlantic business,” Liu said in a statement. “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.” Liu added that in this time Eigen has more than doubled the size of its workforce, grown recurring revenues by 6x, and expanded its customer base to now include more than 25% of the global systematically important banks (G-SIBs) in the world.
The funding announcement comes just a week after the release of Eigen 3.0. Eigen 3.0 extracts data 2x to 5x faster and features a new UI that accelerates the training process by 30%. The company noted that the platform will better enable it to serve both its traditional big bank customer base, as well as new customers among hedge funds and asset managers.
“Our customers asked us for three things in Eigen 3.0: a superuser workflow, improved performance for large teams working simultaneously, and easier document handling,” said Eigen Chief Product Officer Dr. Ashley Fidler, who joined the company in August. “Eigen 3.0 delivers all these improvements and more.”
Eigen Technologies demonstrated its platform at FinovateFall earlier this year. At the conference, Dr. Liu showed how Eigen’s flexible natural language processing solution automatically and accurately extracts data from a wide range of document types at scale. The technology can be integrated into customer workflows, and leverages machine learning algorithms to recognize patterns in text data.
Founded in 2014, Eigen’s clients include Goldman Sachs, Hiscox, Allen & Overy, and ING. The company won the Financial Times Intelligent Business Award for Repapering Technology in October and was named to the FinTech50 2019 in September. Eigen Technologies began the year earning recognition from CB Insights, which featured the company in its 2019 AI 100 roster of the Most Innovative Artificial Intelligence Startups.