Eigen Technologies secures £29m Series B funding from Lakestar and Dawn Capital to accelerate expansion
The investment round was co-led by Lakestar and Dawn Capital with participation from Temasek and Goldman Sachs.
Eigen Technologies provides natural language processing technology that extracts qualitative data from documents for clients in finance, law, and professional services. Founded in 2014, the company is based in London and New York.
Eigen Technologies has secured £29m in Series B funding to accelerate its market expansion in North America and Europe. The round was co-led by Lakestar and Dawn Capital, with additional participation from Temasek and Goldman Sachs Growth Equity.
The new capital will be directed towards expanding technical and commercial teams, supporting research and development, and building out senior management roles in New York. This financing follows the company's Series A round in June 2018 and brings its total funding raised to £43m.
From the founder
"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. This new round will allow us to supercharge our growth. 80-90% 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. With continuing economic uncertainty and the ongoing disruption by data-native companies such as Google, Tencent, and Amazon the imperative to be able to leverage this data is stronger than ever. 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."
Lewis Liu
Co-founder and CEO at Eigen Technologies
Investor perspective
"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. Eigen’s proven ability to accurately, and at scale, answer deep questions posed on complex use cases, such as asset-backed securities documentation i.e. CLOs is remarkable. As Eigen’s usage grows across finance and then into other business verticals such as insurance, legal, regulatory, and healthcare, we will see more impactful business value use cases for NLP data extraction, at complexity levels previously thought to be out of reach."
Stephen Nundy
Partner and Chief Technology Officer, Lakestar
Use of funds
- 01Expand into international markets
- 02Fund research and development
- 03Grow the team
Investors
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About the company
Eigen Technologies
Eigen Technologies provides natural language processing software to extract unstructured data for enterprises.