AI analytics startup Quantexa has raised $175m as it looks to deepen its presence in the US and hunts for startups to acquire.
Led by Canadian pension fund Teachers’ Venture Growth, the round values the UK-based company at $2.6bn, a $800m jump on its 2023 valuation.
Existing investors including British Patient Capital also participated in the round, which takes Quantexa’s total funding to over $500m, according to Dealroom.
Quantexa uses AI to provide data analytics software for businesses and government agencies to help uncover risks, manage data and detect fraud. Going forward the startup says it’s looking to expand the work it does with public sector clients.
“AI is a once-in-a-generation technology transforming industries, redefining operations, and creating entirely new processes,” says Vishal Marria, Founder and CEO of Quantexa.
“This latest investment reflects investors’ embracing our vision and committing to join our journey as we accelerate innovation, platform deployments and amplify the value we deliver to clients and the broader ecosystem.”
Founded in 2016, Quantexa announced that it had hit $100m annual recurring revenue in October last year.
The startup has worked with the likes of the UK government to recoup millions of pounds in fraudulently claimed loans granted during the pandemic, as well as banks including HSBC, ABN AMRO and Novobanco to plan business decisions and tackle financial crime.
Total revenue in the 12 months up to 31 March 2024, Quantexa’s latest reported accounting period, was £76m, rising from £58m the previous year. Losses also rose to $55m, up from $54m.
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