UK-based natural language processing (NLP) software developer Eigen Technologies has completed a $42m series B round after adding €4.5m ($5m) from financial services firm ING.
The close follows a $37m first tranche in December 2019 that was co-led by venture capital firm Lakestar and VC fund Dawn Capital and backed by investment bank Goldman Sachs’ Growth Equity unit and Singapore state-owned investment firm Temasek.
Founded in 2014, Eigen provides NLP technology that uses artificial intelligence to peruse documents and extract relevant information. The software is typically used by customers in the legal, financial and professional services sectors.
In addition to investing in the company, ING plans to work with Eigen on tools that will utilise NLP to help financial services providers access text-based data more efficiently.
Benoît Legrand, chief innovation officer of ING, said: “This partnership allows both companies to work closer together when implementing use cases through data and process analysis, so as to accelerate Eigen’s advantage in NLP as well as ING’s digital transformation.”
The series B round was preceded by a $17.5m series A in June 2018 that was co-led by Goldman Sachs and Temasek. Both Goldman Sachs and ING were already among Eigen’s clients by that stage.
