A London-based AI due diligence firm Xapien is celebrating raising £8 million via a funding round lefd by private equity firm YFM Equity Partners, bringing its total funding to £14 million.
Xapien positions itself as an AI-powered competitor to professional due diligence services provided by Kroll, Ernst & Young, and Dow Jones, and counts Dow Jones, law firms, risk consulting firms, universities and private wealth firms in its client base.
The company has developed a system that utilises machine-learned models to extract key information about companies and individuals from unstructured data on the internet. For instance, its AI can compare photographs to identify individuals.
Xapien claims its AI model is faster (“it can perform the same task in a few minutes rather than a few days”) and more cost-effective than established players.
Co-founder and CEO Chris Green commented: “The real enabler is not the fact it is cheaper, it is the fact that companies can have it now, rather than wait a week. Our AI surfaces information in order for a human to quickly understand. And then the human can make a decision.”
He went on to explain that the funds will be used to move into new sectors and to grow Xapien’s footprint in the US, where the bulk of its revenue currently comes from.
