Quantexa Raises $175 Million to Fuel AI and Data Expansion
British-based startup Quantexa, known for its enterprise platform that leverages AI and data analytics to combat financial crimes, has secured $175 million in a recent funding round. The company’s focus is expanding its capabilities in both anti-money laundering and the rapidly growing area of helping organizations harness their data for AI services.
The Series F funding round values Quantexa at $2.6 billion, a substantial increase from its $1.8 billion valuation in 2023. The investment was led by Teachers’ Venture Growth (TVG), a division of the Ontario Teachers’ Pension Plan in Canada, with further participation from British Patient Capital, a previous investor. This brings the total raised by the startup to nearly $550 million, according to PitchBook.
Quantexa has experienced substantial growth. “The enterprise sector is experiencing rapid expansion. We’re seeing our revenue increasing dramatically,” said Vishal Marria, Quantexa’s founder and CEO.
Quantexa’s platform, used by “thousands of users,” includes enterprise customers like Prudential, Vodafone, HSBC, ABN-AMRO, and Accenture. Reflecting this, the company’s revenue grew by 40% in the last year. Quantexa currently operates 16 offices worldwide and employs approximately 800 people.
The funding arrives at a pivotal moment in the enterprise sector. Organizations across the public and private sectors are accelerating the implementation of AI solutions to reduce costs, improve operational efficiency, and undertake new tasks. One of the primary hurdles encountered by these organizations is the management of vast amounts of unstructured and legacy data, which must be organized before AI services can be effectively deployed.
Quantexa’s original solutions, developed for anti-money laundering and fraud detection, have proven exceptionally effective in curating data for AI applications. The company has been building its presence in the AI data space for several years, and with increasing demand for AI. The company’s tools are useful for curating data for AI applications.
“To make AI technology work, you must get the data right. You must be able to trust the data. You must be able to curate the data. And that’s what we do,” Marria stated.
Quantexa intends to maintain its growth in the anti-money laundering and fraud identification sectors while broadening its capabilities in various AI projects.
Aligning with these goals, Quantexa announced plans to expedite its partnership with Microsoft, initially established in November. Quantexa is developing an AI-powered workload for the Microsoft Fabric data analytics platform as well as an anti-money laundering solution designed for US mid-market banks, to be distributed through the Azure Marketplace.
Marria also noted plans to expand work within the Databricks environment, building on an existing partnership to utilize Quantexa’s technology for organizing massive datasets used to create and power generative AI applications.
Additionally, Quantexa aims to extend its reach within the public sector, with a new dedicated business unit to help governmental entities use “structured and unstructured data” to build AI services.
Marria did not elaborate on Quantexa’s involvement in the “Plan for Change,” a government initiative, but he noted the company’s participation in numerous projects beyond those currently publicized, such as a recent anti-fraud project with the Cabinet Office.
Avid Larizadeh Duggan, Senior MD at TVG, lauded Marria’s leadership. “Vish himself is quite extraordinary,” she said. “He is a founder who comes with a vision, but is also a talent magnet, surrounded by exceptional people. Selling into regulated industries is not easy. You can tell he’s incredibly personable but also knows what he’s talking about. At the back of it, he has a clear understanding of the customer and product. All of these attributes are incredibly important when you invest, but for me, I feel that it’s even more important when the sands are shifting so quickly.”
