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First British unicorn of 2023: London AI firm Quantexa picks $129M funding

Picture credits: Quantexa

Quantexa, a London-based provider of Decision Intelligence (DI) solutions for public and private sectors, announced today the completion of a $129 million Series E funding round. With a valuation of $1.8 billion, the latest round of funding cements the British tech company’s unicorn status.

The round was led by GIC, a global institutional investor, and existing investors also participated, including Warburg Pincus, Dawn Capital, British Patient Capital, Evolution Equity Partners, HSBC, BNY Mellon, ABN AMRO, and AlbionVC.

As Quantexa’s first acquisition since raising $153 million from Warburg Pincus and a group of blue-chip investors in late 2021, this acquisition will bring the company into the $11bn text analytics market. With this move, Quantexa accelerates its business growth strategy to provide enhanced value to its existing customers and provide products to adjacent markets in the $230bn Decision Intelligence market.

In what has been a difficult period for many tech companies, Quantexa continues to post impressive growth, having grown their ARR over 100% since closing their Series D round. ARR stands for annual recurring revenue. It’s a metric used by subscription-based businesses to measure growth. Additionally, Quantexa has seen robust growth in all regions, including a 180% increase in ARR in North America.

Quantexa’s continued geographic expansion efforts have resulted in the company growing from 500 to 650 employees in the past year, opening new offices in New York City, the UAE, Amsterdam, as well as a new Technology and Analytics Hub in Malaga Tech Park, Spain, in November 2022. With this new capital, Quantexa will continue to grow its global presence and invest in its world-class engineering talent.

As part of the funding, Quantexa plans to enhance its Decision Intelligence Platform capabilities in low-code data fusion, graph analytics, machine learning (ML), natural language processing (NLP) and artificial intelligence (AI). Quantexa will also focus on accelerating joint go-to-market efforts with its flagship partners, which include Google, Moody’s, Accenture, KPMG, Deloitte, and EY. Among Quantexa’s growing customer base are BNY Mellon, HSBC, Standard Chartered, Danske Bank, Vodafone, and The Public Sector Fraud Authority.

Vishal Marria, Quantexa CEO, said: “After closing our Series D investment round, Quantexa has been on a transformational journey, accelerating the growth of our global software business and firmly establishing our leadership position in the emerging Decision Intelligence category. In a challenging market we have doubled our ARR, our user base, and continue to penetrate new markets and industries. This infusion of capital will fuel further innovation, diversification, and expansion, and opens exciting options for our future.”

“It’s a real testament to our vision and trajectory to have such a significant contribution from our new investor, GIC and the majority of our Series D investors – in our latest round. We warmly welcome GIC and thank our existing investors for their continued confidence in our ability to generate growth and accelerate the path to profitability.”

Despite this impressive growth, Quantexa faces a number of challenges in the coming year. With the current global economic uncertainty, it remains to be seen if the company will be able to maintain its steady growth trajectory. Additionally, competition in the Decision Intelligence market is fierce and it remains to be seen if Quantexa will be able to differentiate itself from its competitors.

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