Xapien – a deep tech platform that is redefining how organizations understand who they are doing business with – announced that it has closed a £4.5 million round led by YFM Equity Partners and backed by D2 Fund, concluding total seed funding of £6 million.
Referred to as “the ChatGPT of Due Diligence,” Xapien uses AI to deliver an executive-level report on any person or organization, anywhere in the world in minutes. And every piece of information is fully sourced, enabling confident and auditable decision-making.
The company’s rapid growth since its commercial launch in January 2022 underpinned the competitive round led by YFM Equity Partners and backed by D2 Fund alongside existing investors. And the proceeds will be used to accelerate product development and go-to-market, expand into new verticals and extend their US footprint.
Xapien automates an otherwise manual research process for delivering an executive-level report on any person or organization, anywhere in the world in minutes. And the full sourcing of all information gives greater assurance whilst driving major efficiencies for organizations in many sectors, including law firms, financial services institutions, and philanthropy.
KEY QUOTES:
“Every year, billions of dollars are wasted on laborious and time-consuming background research. Firms seeking to do international business are facing a perfect storm. Emerging ESG considerations present complicated and nuanced risks. There is a continuing explosion in publicly available information, and ever-increasing regulation. This creates an increasing need for organisations to really ‘know’ their third parties. This includes their customers, suppliers, donors, applicants and investors. Put simply, firms can no longer afford to just ask ‘can we’ be in business with someone. They must also ask ‘should we’? Traditional screening tools cannot answer this nuanced question. A typical KYC/AML search is a factual check of recorded data in structured databases. To really ‘know’ a third party, deep contextual background research is required. Current methods will not scale, but there is a better way.”
“YFM and D2 Fund really understand the market that we are serving and share our vision to transform it using AI and deep technology. This investment will accelerate our product roadmap, deepen our proprietary application of Large Language Models, enhance our Identity Resolution Engine and turbo-charge our growth in sectors where we are experiencing strong demand, including legal, fintech, insurance, private equity, and philanthropy. It is an important step in our journey to help the world do better business.”
– Chris Green, Xapien CEO
“Xapien has demonstrated impressive growth over the past 12 months. The high calibre management team has a well-defined vision and plan to grow the business further. They have built technology that is providing demonstrable ROI to its customers. What today takes days when produced manually can be done in minutes through Xapien.”
– David Wrench, partner at YFM
“Understanding who you are doing business with is a time-consuming and uncertain undertaking. Xapien’s solution delivers clarity amongst the noise, allowing companies to perform radically faster and more accurate searches on individuals and companies. We were impressed by what Chris, Dan, Shaun and the rest of the Xapien team have built so far and are looking forward to working with them as they scale the business from here.”
– Amory Poulden, Managing Partner at D2 Fund
