Eigen Technologies, the research-led artificial intelligence company for finance, law, and professional services, has completed a £13m ($17.5m) Series A funding round co-led by Goldman Sachs Principal Strategic Investments (PSI) and Temasek.

The Series A proceeds will be used to fund the expansion of the business in London, New York, and other global markets, including Asia and the Americas. Eigen will also use the funds to support a substantial additional investment in research and development.

Eigen’s flexible NLP technology addresses the challenges of unstructured qualitative data. Eigen automates the classification and extraction of this data from documents and other text sources with market-leading accuracy rates. This information is then converted into easily analyzable structured data in a fraction of the time and manual effort required by traditional methods. By giving its clients a comprehensive understanding of their qualitative data, Eigen enables them to make better decisions on everything from complex financial regulation to due diligence. Eigen’s technology has been used for tasks as diverse as calculating risk-weighted assets to making fast, accurate decisions about whether to bid on asset portfolios.

Eigen was founded in 2014 and now has a team of 50 people based in London and New York. Its NLP technology is used by clients across the financial, legal, and professional services sectors on a range of use cases. Since winning Linklaters as its first client in 2015, Eigen has expanded its list of clients to include, among others, Goldman Sachs, Linklaters, Evercore, and ING.

Co-founder and CEO of Eigen Technologies Dr. Lewis Z. Liu said: