Xapien, a London, UK-based deep tech platform transforming how organizations understand who they're doing business with, closed a £4.5 million in funding.
The round was led by YFM Equity Partners and backed by D2 Fund alongside existing investors, bringing its total seed funding to £6M.
The proceeds will be used to accelerate product development and go-to-market, expand into new verticals and extend their US footprint.
Chris Green, Xapien CEO, said: "Every year, billions of dollars are wasted on laborious and time-consuming background research.Firms seeking to do international business are facing a perfect storm. Emerging ESG considerations present complicated and nuanced risks. There is a continuing explosion in publicly available information, and ever-increasing regulation.This creates an increasing need for organisations to really 'know' their third parties. This includes their customers, suppliers, donors, applicants and investors.Put simply, firms can no longer afford to just ask 'can we' be in business with someone. They must also ask 'should we'?Traditional screening tools cannot answer this nuanced question. A typical KYC/AML search is a factual check of recorded data in structured databases. To really 'know' a third party, deep contextual background research is required.Current methods will not scale, but there is a better way."
Described as 'the ChatGPT of Due Diligence', Xapien uses Artificial Intelligence to deliver an executive-level report on any person or organization, anywhere in the world in minutes.
Xapien uses cutting-edge artificial intelligence and natural language processing technologies to emulate the complex process of human-led research.
Company: Digital Insight Technologies Ltd.
Round: Seed Round
Funding Month: April 2023
Lead Investors: YFM Equity Partners
Company Website: https://www.xapien.com/
Software Category: AI-powered Online Research Platform
About the Company: Founded in 2018 by Shaun O’Mahony, Daniel Secretan, and Chris Green, Xapien is an AI firm that provides an end-to-end platform for companies to build, deploy and manage machine learning models at scale. Xapien uses cutting-edge artificial intelligence and natural language processing technologies to emulate the complex process of human-led research. Their platform is designed to streamline the process of developing AI models by providing an intuitive user interface and automating various tasks. Xapien's SaaS platform is transforming how the world deals with third parties. It enables anyone to know who they are in business with, a capability available until now only to organizations with significant resources.