Xensam, founded in 2016 by brothers Oskar and Gustav Fösker, is looking to expand in the US and Europe. Swedish startup Xensam has raised $40 million in a funding round to invest in its AI software asset management platform and expand in the US and Europe.
The Financing Round was Led by Expedition Growth Capital
The startup was founded in 2016 by brothers Oskar and Gustav Fösker. It has been at the forefront ever since. It was managed by Expedition Growth Capital, a London-based private equity firm. The funding will be used to invest in AI product development and expand operations in the US and Europe, the company said in an announcement. Apart from Sweden, Xensam has a presence in the UK, the US and other parts of Europe. Gustav, chief technology officer, said the company has succeeded in transforming software asset management for hundreds of companies by “pioneering” AI from the start and making the process more user-friendly by eliminating manual labour. Oliver Thomas, founder and managing partner of Expedition Growth Capital, said Xensam was one of the “most impressive” European growth companies he had come across.
We founded Xensam to provide an intuitive platform for software asset management and resource optimisation, leveraging artificial intelligence and automation. Since then, we have grown at an annual rate of 126 percent, demonstrating how innovative, scalable and user-centric technology can deliver exceptional value to customers. In the nearly eight years they have been in business, they have developed a critical solution that enables companies with thousands of employees to monitor and manage software usage. We are delighted to be working closely with the company as their first external investor and look forward to being part of their growth journey.Oskar