UK-based data analytics software developer Quantexa picked up $64.7m in series C funding from investors including professional services firm Accenture and financial services providers HSBC and ABN Amro yesterday.
British Patient Capital, a fund managed by the state-owned British Business Bank, also took part in the round, as did venture capital fund Dawn Capital and AlbionVC, the VC arm of investment manager Albion Capital.
ABN Amro and Accenture participated through respective corporate venturing subsidiaries ABN Amro Ventures and Accenture Ventures.
Quantexa markets contextual data software that relies on big data, artificial intelligence and network analytics to process internal and external data, in order to discover information that can improve operations for organisations in areas such as fraud prevention and financial crime.
The company has clients in more than 70 countries and will use the series C financing to drive further growth in North America, Europe and the Asia Pacific region. It will also target potential customers in the public sector as it expands the capabilities of its product.
Richard Seewald, founding and managing partner of VC firm Evolution Equity Partners, is joining Quantexa’s board of directors, though the company did not list the firm among its series C investors.
Quantexa has now raised $90m since it was founded in 2016, HSBC and Albion Capital having led its $3.3m series A round the following year.
The round was followed by a $22.7m series B that closed in November 2018 with an investment by strategic partner Accenture Ventures. The company had secured an initial $20m from HSBC, Albion Capital and lead investor Dawn Capital three months earlier.
