Eigen Technologies raised £13m ($17.5m) in a funding round co-led by Goldman Sachs Principal Strategic Investments and Singapore investment firm Temasek.
The AI startup’s natural language processing (NLP) technology automates the extraction of unstructured qualitative data, which is then converted into structured data in a fraction of the time and manual effort required by traditional methods.
It’s used for tasks such as calculating risk-weighted assets to make decisions about whether to bid on asset portfolios.
Funding will support the expansion of the business in London and New York, where the company is based, and other global markets in Asia and the Americas, as well as boost research and development.
Clients include top-tier financial, legal, and professional services firms, including Goldman Sachs, Linklaters, Evercore, and ING.
Goldman Sachs’ PSI group invests in a wide variety of companies, like fintechs in the wealth management, loans and payment processing arenas that use advanced technologies such as blockchain and machine learning.