Eigen Technologies Named in the 2020 CB Insights Fintech 250 List of Fastest-Growing Fintech Startups
Eigen Technologies honored for achievements in the application of AI in the areas of financial services and automation
NEW YORK, September 1, 2020 -- CB Insights today named Eigen Technologies in the third annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology.
“We're proud to, once again, recognize the 250-best private fintech companies globally. This year's Fintech 250 represents 25 countries and spans 19 categories -- reimagining everything from retail banking and crypto, to insurance and asset management,” said CB Insights CEO Anand Sanwal. “The previous Fintech 250 class raised more than $22 billion in investor financing and saw more than 20 exits after being recognized, and we expect this year's class will have similar success as they continue to transform how people and businesses spend, save, borrow, and invest their money.”
Eigen’s Co-founder & CEO Dr Lewis Z. Liu said: “We are honored to be recognized by CB Insights as one of the world’s top fintech companies. This is the second time we’ve been recognized by CB Insights following our inclusion in their 2019 AI 100 list. Since then we have raised a further $42m in funding, expanded our team, increased our client base to include over 25% of the G-SIB institutions and released version 3.0 of the Eigen platform.”
Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of 16,000 companies, including applicants and nominees, based on several factors. These factors include patent activity, investor quality, news sentiment analysis, proprietary Mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum.
Since it was founded in 2014, Eigen has developed one of the world’s most advanced natural language processing (NLP) technologies. The Eigen platform enables clients to quickly and precisely extract data from their documents, to manage risk, inform decision-making, achieve compliance and improve processes. Eigen’s easy-to-use platform interface puts the power of machine learning in the hands of non-technical users, enabling them to quickly train models to meet their exact data requirements across a variety of use cases. Whatever the topic, from Base Rates to Trading Rules, the model can be trained to pull out specific data points, extract relevant sections or return an answer to a complex question. Eigen’s clients include some of the most respected names in finance, law, and professional services, including Goldman Sachs, ING, BlackRock, and Allen & Overy. The company works with over 25% of the G-SIB institutions and has raised $60m to date across two funding rounds from its investors Temasek, Goldman Sachs, Lakestar, Dawn Capital and ING.
2020 Fintech 250 Highlights:
● Unicorns: 32 of the 250 companies are valued at or above $1B as of their latest funding round
● Funding trends: YTD, these 250 private companies have raised $10.3B in equity funding across 120 deals (as of 8/26/20)
● Mega-rounds: Since 2019, there have been 87 mega-round ($100M+) equity investments to this year’s Fintech 250, with 35 of them in 2020 YTD (as of 8/25/20)
● Global representation: 46% of the 2020 Fintech 250 are based outside the US. After the US, the UK is home to the most Fintech 250 companies (38), followed by India (20)