Contextual decision intelligence software company Quantexa has announced that it has closed a Series C round, raising a further $64.7 million (£51.2m) in funding.
The round was led by Evolution Equity Partners, with major participation from pre-existing backers Dawn Capital, AlbionVC and HSBC.
New investors British Patient Capital and ABN AMRO Ventures also joined previous investor Accenture Ventures in this round. Richard Seewald, Founding and Managing Partner at Evolution Equity Partners will join Quantexa’s board of directors as part of the deal.
Contextual decision intelligence, or ‘CDI’ is an approach to data that gives organisations the ability to join multiple internal and external data sets, providing a single view of data with intelligence about the relationships between people, places and organisations.
The firm, which is operating in more than 70 countries,will use the funding to drive its CDI technology market expansion into new industries such as public sector.
It will also use the new funds to develop more platform applications across financial services and broader cross-sector capabilities.
The funding will also accelerate Quantexa’s continued growth across North America, Europe, and Asia-Pacific regions, and continue to rapidly grow its global partner ecosystem.
This new round of funding follows a $22.7m Series B round secured in August 2018, bringing total funds raised to date to $90m.
Founded in 2016, the firm’s clients now include HSBC, Standard Chartered Bank and Accenture.
Vishal Marria, CEO at Quantexa, commented: “We are thrilled that Evolution Equity Partners and British Patient Capital will be joining our team, alongside the strategic investment from ABN AMRO Ventures.
“Together with the continued trust and commitment from our existing investors, we will drive the next phase of Quantexa’s growth. We are seeing a huge demand for our platform to support multiple applications across our core markets in financial services and within new industry sectors.
“This investment will accelerate our product innovation roadmap and enable us to invest further into Europe, North America and Asia Pacific regions, as well as expand into new locations.”
Richard Seewald added: “Quantexa’s proprietary platform heralds a new generation of decision intelligence technology that uses a single contextual view of customers to profoundly improve operational decision making and overcome big data challenges. Its impressive rapid growth, renowned client base and potential to build further value across so many sectors make Quantexa a fantastic partner whose team I look forward to working with.”