Eigen Technologies, a natural language processing technology startup, has completed a $5 million funding round, bringing the Series B round’s total to $42 million.
ING Ventures led the latest funding round. The company initially raised $37 million in the Series B round in November 2019. The latest Series B round brings Eigen Technologies’ total funds raised to date to over $60 million.
This investment is a part of a broader strategic partnership between the two companies that combines Eigen’s NLP technology with ING’s expertise in the application of machine learning to financial services.
ING already uses Eigen’s NLP technology in areas such as LIBOR replacement and loan operations. By working together, both companies aim to speed up the development of use cases in areas such as trade finance and SME banking.
ING is the second strategic investor that Eigen has brought on board, alongside Goldman Sachs, another Eigen client who co-led Eigen’s Series A round in 2018.
Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures, said: “Eigen offers a strategic capability in the intelligent operations domain, deployed in use cases across retail as well as wholesale banking. This partnership will allow both companies to work closer together when implementing use cases through data and process analysis, so as to accelerate Eigen’s advantage in NLP as well as ING’s digital transformation.”
Image Credit: Eigen Technologies