Observed Signal · Jul 17, 2024 · Funding · Source: Tech.eu · Impact: 2/5 · Sentiment: Neutral
AI Due Diligence Startup Xapien Raises £8M
London-based AI due diligence startup Xapien has raised £8 million in a funding round led by private equity firm YFM Equity Partners, bringing total funding to £14 million. The company uses machine-learned models to extract information about companies and individuals from unstructured online data, positioning itself as a faster and cheaper alternative to legacy due diligence services from Kroll, Ernst & Young, and Dow Jones. Co-founder and CEO Chris Green said the funds will support expansion into new sectors such as financial services and growth in the US, where the bulk of its revenue is generated. Xapien also expressed optimism about the UK Labour government's plans to crack down on financial crime, which could increase demand for its services.
AI startup funding in adjacent tech space; limited direct impact on advertising technology.
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Key Takeaways & Evidence Grounding
- Xapien raised £8 million in a funding round led by YFM Equity Partners.
- Total funding now stands at £14 million.
- Xapien uses AI to extract information about companies and individuals from unstructured internet data.
- Clients include Dow Jones, law firms, risk consulting firms, universities, and private wealth firms.
- The company plans to expand into financial services and grow its US footprint.
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