Xensam's technology uses AI to scan and understand what is happening across an organization’s network, providing a real-time picture of thousands of applications in use across both cloud and on-premise environments. The company's CEO, Oskar Fösker, said that they plan to launch more products in Q2. He also highlighted the importance of finding an investor that shared their cultural values, which they found in Expedition Growth Capital.
Key takeaways:
- Xensam, a Stockholm-based startup that provides AI-based tools for businesses to track software usage, has raised $40 million in its first outside funding since its inception eight years ago.
- The funding comes from a single investor, Expedition Growth Capital out of London, and will be used to further develop Xensam's AI technology stack, hire more employees, and break into the U.S. market.
- Xensam's approach involves using AI to scan and understand what is happening across an organization's network, providing a real-time picture of thousands of applications in use across both cloud and on-premise environments.
- Despite the recent funding, Xensam's CEO, Oskar Fösker, emphasized the importance of financial stability and sustainability, stating that they turned to VC funding only after figuring out the business model on their own.