A London deep tech company aiming to deliver the future of artificial intelligence has raised a £33 million Series A round.
causaLens is a pioneer of causal AI – technology that quantifies cause and effect relationships to reason alongside humans in a manner that is trustworthy, explainable and fair.
Causal AI represents a giant leap ahead of current correlation-based AI technologies, which blindly extrapolate historical patterns to forecast the future and are unable to ask counterfactual questions — the ‘what ifs’ that are the foundation of human imagination and creativity.
causaLens’s no-code platform delivers far more accurate and reliable results and allows humans and machines to work together for the first time. It is trusted by decision makers across finance, industry, technology, and government.
The round was led by Williams F1 team owner Dorilton Ventures and Molten Ventures, formerly Draper Esprit, with sizable participation from existing investors Generation Ventures and IQ Capital.
GP Bullhound and others also joined the round, which was oversubscribed. As part of the transaction, Daniel Freeman of Dorilton Ventures has joined causaLens’s board of directors.
Since emerging from stealth mode in January 2021, causaLens has seen annual revenue grow by more than 500%. The company has won marquee clients including Tier1 banks, hedge funds, governments and Fortune 500 companies.
The team was formed by considering more than 50,000 CVs and is now approximately 50% comprised of PhDs in a variety of relevant disciplines.
The Series A funding will allow causaLens to double its team in 2022.
“Our vision is to create a world in which humans can trust machines with the greatest challenges in the economy, society and healthcare,” said CEO and co-founder Darko Matovski.
“Our customers are seeing transformative results with our no-code platform and we now have the resources to bring our platform to everyone.”
Daniel Freeman of Dorilton Ventures added: “AI must take the next step towards causal reasoning to meet its potential in the real world. causaLens is the first to leverage causal AI to model interventions and enable machine-driven introspection.
“For example, ‘How will my portfolio perform if the Fed hikes rates this year?’ or ‘What would our sales have been had we doubled the advertising spend last quarter?’
“This world-class team has built software with the sophistication to win over serious data scientists and the usability to empower business leaders. Dorilton Ventures is very excited to support causaLens on the next stage of its journey.”