Dutch funding financial institution ING has backed a London-based pure language processing (NLP) FinTech agency which counts BlackRock and Goldman Sachs amongst its shopper base.
ING confirmed it made the €4.5 million funding in Eigen Applied sciences after collaborating in a $42 million sequence B funding spherical, alongside different buyers together with Goldman Sachs, Temasek, Lakestar and Daybreak Capital.
The financial institution stated that with Eigen Applied sciences, it would work on establishing NLP modules tailor-made to the monetary business’s want for knowledge extraction. Each corporations in partnership wish to velocity up the event of use circumstances for the expertise in numerous areas.
“This partnership permits each corporations to work nearer collectively when implementing use circumstances by means of knowledge and course of evaluation, in order to speed up Eigen’s benefit in NLP in addition to ING’s digital transformation,” stated Benoît Legrand, ING’s chief innovation officer and CEO of ING Ventures, the capital arm of ING which made the funding.
Eigen’s NLP expertise has been deployed throughout ING’s Libor transition and mortgage operations. In keeping with its web site, the FinTech has additionally labored with numerous establishments as purchasers or companions, together with BlackRock, Goldman Sachs, Allen & Overy, Hiscox, and Deloitte.
“Within the years we have now labored with ING we have now discovered them to have among the most superior pondering available in the market on the applying of machine studying in monetary providers, one thing that comes from their incredible innovation tradition,” added co-founder and CEO of Eigen Applied sciences, Dr Lewis Liu.
Final month, ING confirmed that its chief govt, Ralph Hamers, will step down from his function and turn out to be CEO of UBS as of November. Hamers replaces Sergio Ermotti, and has served as CEO of ING since 2013.