Singapore’s Temasek, Goldman co-lead $17.5m funding in AI firm Eigen Tech

FILE PHOTO - A Temasek logo is seen at the annual Temasek Review in Singapore July 7, 2016. REUTERS/Edgar Su

Singapore’s state investment firm Temasek and Goldman Sachs have co-led a $17.5-million Series A funding round for London-based artificial intelligence (AI) startup Eigen Technologies, per an announcement.

The proceeds will be used to fund the expansion of the company’s business in London, New York, and other global markets, including Asia and the Americas. Part of the funds will also be used to support a substantial additional investment in research and development, Eigen said in a statement.

Founded in 2014, Eigen claims to use natural language processing (NLP) technology to automate the classification and extraction of unstructured qualitative data from documents and other text sources and convert it into analyzable structured data in a fraction of the time and manual effort required by traditional methods. Its customers include finance, law, and professional services firms.

“Three and a half years ago we set out to be a truly unique AI company, one that allows our clients to harness the power of their qualitative data to make better decisions. This Series A round underlines our ambitions and is the next major step in our expansion plan,” said Eigen co-founder and CEO Lewis Z. Liu.

“With our partners, we will continue to expand across multiple markets and geographies, as well as doubling down on our investment in research and development, which will always be at the heart of our company. Eigen is defined by its people, and they will continue to be our biggest area of investment going forward,” he added.

The company has a team of 50 people and its NLP technology is used by clients across the financial, legal, and professional services sectors, it said. It counts Goldman Sachs, Linklaters, Evercore, and ING among its clients.