Big Data and Enterprise Intelligence scale-up Quantexa has secured USD20 million (GBP15.2 million) in Series B funding.
The round is led by Dawn Capital, Europe’s largest B2B technology venture fund focussing on SaaS and FinTech, with return backers HSBC and Albion Capital also participating. The new funding will be used to further develop Quantexa’s unique technology and support its international expansion.
Quantexa enables companies and institutions to make better decisions from their data. Quantexa’s revolutionary technology is based on the latest developments in big data technology and uses real-time entity resolution, network analytics and AI to knit together vast and disparate data sets and derive actionable intelligence.
The investment follows continued success this year as the firm announced partnerships with Deloitte and HSBC to help prevent money-laundering activity and improving customer insight with Shell.
British Patient Capital, the new wholly-owned commercial subsidiary of the British Business Bank, is an investor in Dawn Capital and Quantexa is one of the first businesses to be supported through the new programme. British Patient Capital has been established to enable long-term investment in innovative companies across the UK led by ambitious entrepreneurs who want to build successful, world-class businesses; and has been given resources of GBP2.5 billion.
Founded in 2016 by a team of world-class software, data and advanced analytics experts, Quantexa now boasts a workforce of over 90 and engagements with some of the world’s largest organisations. The company is headquartered in London, with offices in Brussels, Sydney, New York and Boston.
Vishal Marria, CEO at Quantexa, says: “Leveraging AI to build context is becoming critical to enable organisations to make better decisions. With this investment we will further expand our offerings using our unique technology and accelerate our international expansion following the opening of our New York and Boston operations.”
Norman Fiore, General Partner at Dawn Capital, says: “We were particularly impressed by the flexibility of Quantexa’s impressive technology. Currently it provides unique, valuable insights for clients across a myriad of industries from money laundering and credit risk, through to human trafficking and customer acquisition. The firm has experienced tremendous growth to date and we look forward to working closely with the team as they continue to break new ground in data analytics.”