Xapien, a DeepTech AI firm, has successfully raised £8m ($10m) in a Series A funding round led by YFM Equity Partners, bringing the total funding to £14m ($17.8m) since its inception in January 2022. Xapien uses artificial intelligence to provide executive-level reports in minutes on any person or organization globally, making it the ‘ChatGPT of due diligence’.
The CEO of Xapien, Chris Green, states that they founded Xapien to bring transparency to business relationships so that organizations of all sizes can truly know who they are working with. The investment will increase their natural language processing and entity resolution technologies and position them at the forefront of the fundamental shift in compliance. Due diligence will transform into an efficient, precise, and comprehensive solution, setting new standards in compliance and helping organizations worldwide navigate complex regulatory environments with ease and confidence, ultimately creating better business practices and stronger ethical standards.
YFM’s partner, James Savage, believes that Xapien’s innovative technology is gaining impressive commercial traction in an exciting market, and with their support, Xapien is poised to expand into new areas, enhance its product, grow its team, and extend its geographical reach. Xapien will use the funds for continued expansion into new sectors, such as financial services and large corporate partners, and grow its footprint in the US.
Since Xapien’s last investment in March 2023, their annual recurring revenue grew by over 150%, and their headcount doubled to 45 employees in 15 months. They have secured engagements with Magic Circle, Silver Circle, and AmLaw 100 law firms, as well as major players in risk consulting and private wealth in the past 15 months. In the philanthropic sector, Xapien has grown its client base by 300% over the past 18 months.
Overall, Xapien’s success in raising funds and securing engagements in various sectors indicates its potential in being a trendsetter in the due diligence industry.
