GIC Leads Series E Round for AI Startup Quantexa
Posted on 04/04/2023
Fraud preventer Quantexa, which utilizes AI to monitor banks, insurers, and governments, has announced US$ 129 million in funding. It will be a Series E round with an implied value of US$ 1.8 billion for the company. Following the news, Quantexa thanked U.K. Prime Minister Rishi Sunak who publicly celebrated the firm, and issued a statement that it was “proud to be a UK tech unicorn!”
Quantexa was founded in 2016, according to the firm its rapid growth has occurred because: “Hundreds of data-intensive organizations around the world were facing up to the same challenges—they couldn’t close the gap between all the data they were accumulating and the millions of mission critical decisions their organization needed to make every year. We were approached by two global enterprises under intense scrutiny from regulators, looking for both a better, more efficient way to use their data and a way to seriously improve accuracy and lower their costs.” After these, scaling up was a natural reaction. Quantexa has offices in London, Spain, Amsterdam, Brussels, New York, Boston, Toronto, Singapore, UAE, Melbourne, and Sydney.
GIC Led the Round
The fund was led by Singapore’s GIC Private Limited. Evolution Equity Partners, HSBC, Warburg Pincus, Dawn Capital, British Patient Capital, BNY Mellon, ABN AMRO, and AlbionVC were participants.
According to GIC’s latest report, GIC will focus on ESG goals and technological acceleration, however it still has 43% of its assets in cash and bonds, its largest allocation by far. Caution and security are significantly impacting management’s focus at GIC today, which plays into the investment in Quantexa. GIC notes, “The investing world looks to be sharply different from the recent past. We are facing weaker growth prospects across the global economy, higher inflation, and the potential unravelling of global integration, in addition to the uncertainties of geopolitics and the climate crisis.”