Natural language processing technology developer Eigen Technologies has secured an additional $5m in funding, adding to the $37m it raised late last year.
The fresh investment was supplied by ING Ventures. Eigen initial Series B round closed in November 2019 following contributions from Lakestar, Dawn Capital, Temasek and Goldman Sachs Growth Equity.
The funding from ING comes as part of a strategic partnership between the two. By working together, the companies are hoping to increase the use of natural language processing technology across areas including trade finance and SME banking.
Eigen Technologies helps organisations to improve their decision making by automatically extracting data from documents and other text sources. Its use cases include bank optimisation, LIBOR repapering, asset-backed securities analysis, portfolio origination and regulatory compliance.
Eigen Technologies co-founder and CEO Dr Lewis Z. Liu said, “Since our foundation, one of Eigen’s greatest strengths has been the deep and strategic relationships we have with our clients and partners.
“In the years we have worked with ING we have found them to have some of the most advanced thinking in the market on the application of machine learning in financial services, something that comes from their fantastic innovation culture. To have ING join us as both an investor and strategic partner is a great privilege.”
The RegTech has raised a total of $60m in funding.