Eigen Technologies, a developer of natural language processing technology, has collected $37m in its Series B.
Lakestar and Dawn Capital co-led the investment, with commitments also coming from Temasek and Goldman Sachs Growth Equity.
This capital infusion will be used to scale its technical and commercial teams. In a bid of supporting its transatlantic operations, the company is hiring for more senior management positions in New York.
Founded in 2014 Eigen empower organizations to improve decision making by automatically extracting data from documents and other text sources. Some of the use cases for its technology include bank capital optimization, LIBOR repapering, asset-backed securities analysis, portfolio origination, and regulatory compliance for Dodd-Frank, Basel III and Solvency II.
Eigen Technologies co-founder and CEO Lewis Z. Liu said, “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 investment follows on from the $17.5m Series A the startup closed in 2018, which was co-led by Goldman Sachs and Temasek.
Since the company closed the former round, it has more than doubled its team, increased recurring revenue six-fold and acquired additional clients to include more than a quarter of the world’s G-SIB institutions.
The company used the capital to make improvements to its technology stack, resulting in the launch of Eigen 3.0. Its new platform lets it serve traditional banking clients but also the broader community including hedge funds and asset managers.
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