The Fösker brothers, who jointly founded and run Sweden-based tech firm Xensam, confirmed to QA Financial today that they have raised $40 million to expand their AI-powered software assessment management (SAM) offering.
Oskar Fösker revealed that the fresh growth funding comes from London-based Expedition Growth Capital, as he added that Xensam will use the money to invest in AI product development and expand its operations across a number of key markets.
Fösker said he was “thrilled” as the tens of millions of dollars mean his company can now push further into the US and Europe.
Moreover, “with the new funding, we can continue to innovate the platform with more advanced features, including a ChatGPT-inspired chatbot that will enhance its accessibility and user experience,” he added.
Demand surging
Xensam is targeting the rapidly growing SaaS market in North America and Europe, with the number of software tools used by financial services firms having exploded in recent years.
To help banks, insurers, investors and other finance firms to manage applications, track usage, monitor spending and adhere to compliance standards, software asset management tools have surged in the last five years.
“We have grown over 126% year-on-year.”
CEO Oskar Fösker
The swelling SAM market is one of the main reasons why Oliver Thomas, founder and managing partner at Expedition Growth Capital, decided to allocate capital to Xensam.
In fact, Expedition has become Xensam’s first-ever external investor.
“This is one of the most impressive European growth companies we’ve come across,” Thomas said.
He added that “in the nearly eight years they have been operating, they have built a critical solution which is enabling companies with thousands of employees to track, monitor and manage software usage.”
Journey so far
Fösker founded Xensam in Stockholm in 2016 together with his brother Gustav Fösker, who is currently the company’s chief technology officer.
Xensam was set up “to provide an intuitive platform for software asset management and resource optimisation by leveraging AI and automation,” Fösker recalled, adding that “since then, we have grown over 126% year-on-year.”
“Our vision is to simplify and automate SAM, with proprietary AI. Our platform allows IT executives and other stakeholders to understand precisely how users interact with applications across the entire digital infrastructure, delivering significant cost and efficiency savings,” he said.
Fösker explained to QA Financial that Xensam’s current platform is able to “identify hundreds of thousands of applications, whether on a licensed basis (SaaS) or on premise, “to provide a comprehensive organisational overview across hybrid environments.”
He went on to say that, compared to other plartforms, “the insights generated are relatively easy to understand and don’t require any technical expertise or manual configuration.”
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