Extra Funding for NLP Firm Eigen Technologies

London and New York-based natural language processing (NLP) specialist Eigen Technologies has completed a $5m Series B follow-on round of investment.

Founded in 2014, Eigen offers solutions to unlock the value of clients' qualitative data, automatically extracting and classifying information from documents at scale. Its NLP technology uses machine learning algorithms - and 'the latest methodologies' from applied physics and mathematics - to recognize patterns in text, and give accurate answers to questions.

New funding comes from ING Ventures, and follows on from the latter's $37m Series B round last November, bringing the total raised to date to more than $60m. The investment is part of a partnership between the two companies, combining Eigen's technology with ING's expertise in the application of machine learning to financial services, to build NLP models fully tailored to the financial industry's needs for data extraction.

Eigen co-founder and CEO Lewis Liu (pictured) comments: 'Since our foundation, one of Eigen's greatest strengths has been the deep and strategic relationships we have with our clients and partners. In the years we have worked with ING we have found them to have some of the most advanced thinking in the market on the application of machine learning in financial services, something that comes from their fantastic innovation culture. To have ING join us as both an investor and strategic partner is a great privilege'.

Web site: www.eigentech.com .