SINGAPORE state investor GIC led a US$129 million Series E round by Quantexa, bringing the UK software company’s valuation to US$1.8 billion.
On Tuesday (Apr 4), Quantexa said the majority of its Series D investors also participated in the latest round, with GIC coming on board as a new investor.
Participants of the Series E round include Warburg Pincus, Dawn Capital, British Patient Capital, Evolution Equity Partners, HSBC, BNY Mellon, ABN AMRO Ventures, and AlbionVC.
Quantexa said it will use the capital raised to accelerate the execution of its growth strategy in its decision intelligence category, which it estimates to have a US$230 billion total addressable market.
This includes boosting the company’s technology innovation efforts and strengthening its decision intelligence platform capabilities in machine learning, natural language processing and artificial intelligence.
The company also plans to ramp up its go-to market efforts with its flagship partners which include Google, Moody’s, Accenture, KPMG, Deloitte, and EY.
Founded in 2016, Quantexa has more than 600 employees and offices in cities including London, New York and Singapore. It said its products are deployed in more than 70 countries across the banking, insurance and public sectors.
The data and analytics software company’s customers include HSBC, Standard Chartered, Vodafone, and The Public Sector Fraud Authority in the UK Cabinet Office.
In July 2021, Quantexa closed a US$157 million Series D round after acquiring Aylien, an AI startup in Dublin.
Quantexa’s chief executive officer Vishal Marria said the company doubled its annual recurring revenue along with its user base, as it continues to penetrate new markets and industries.
He said: “This infusion of capital will fuel further innovation, diversification, and expansion and opens exciting options for our future.”