DeepTech AI firm, Xapien, has completed a £8m ($10m) Series A funding round led by YFM Equity Partners.
It brings the total funding raised to date to £14m ($17.8m) since the startup launched in January 2022.
Described as the ‘ChatGPT of due diligence’, Xapien uses artificial intelligence to deliver an executive-level report on any person or organisation, anywhere in the world in minutes.
Chris Green, CEO of Xapien, said: “We founded Xapien to bring transparency to business relationships, so that organisations of all sizes can truly know who they are working with.
“This investment will not only accelerate our cutting edge natural language processing and entity resolution technologies but also positions us at the forefront of a fundamental shift in compliance.
“We are transforming due diligence from a time-consuming, manual process into an efficient, precise, and comprehensive solution.
“Xapien is setting new standards in compliance, helping organisations worldwide to navigate complex regulatory environments with ease and confidence, ultimately creating better business practices and stronger ethical standards.”
James Savage, partner at YFM said: “Xapien’s innovative technology is gaining impressive commercial traction in an exciting market, and it has already proven its value in existing sectors.
“With our support, Xapien is poised to expand into new areas, enhancing its product, growing its team, and extending its geographical reach. We believe in the strength and scalability of Xapien’s team and look forward to accelerating their growth and success.”
Xapien will use the funds to continue expanding into new sectors, such as financial services and large corporate partners, and grow its footprint in the US.
Since its last investment in March 2023, Xapien has seen annual recurring revenue grew by over 150 per cent and headcount doubled to 45 employees.
In the past 15 months Xapien has 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 philanthropic sector, Xapien has grown its client base by 300 per cent over the past 18 months.