London-based CausaLens, a deep tech company that is on a mission to build Causal AI-powered products to help organisations make superior decisions, announced on Friday that it has raised $45M (approx €40.31M) in its Series A round of funding.
The round was led by Dorilton Ventures and Molten Ventures, with participation from existing investors Generation Ventures and IQ Capital. Additionally, GP Bullhound and others also joined the round, which, the company says, was oversubscribed.
With this investment, Daniel Freeman of Dorilton Ventures has joined CausaLens’s board of directors.
Human-centred decision-making AI
Founded in 2017 by Darko Matovski and Maksim Sipos, CausaLens’s no-code platform offers accurate and reliable results, and allows humans and machines to work together for the first time.
Matovski says, “Our vision is to create a world in which humans can trust machines with the greatest challenges in the economy, society, and healthcare. Our customers are seeing transformative results with our no-code platform and we now have the resources to bring our platform to everyone.”
The company claims to be pioneering Causal AI, a new category of intelligent machines that can reason about the world the way humans do, through cause-and-effect relationships and with imagination.
On its website, CausaLens says, “Causal AI is the only technology that can reason and make choices like humans do. It utilises causality to go beyond narrow machine learning predictions and can be directly integrated into human decision-making. It is the only AI system organisations can trust with their biggest challenges – a revolution in enterprise AI.”
CausaLens is trusted by decision-makers across finance, industry, technology, and government. In financial services, the insurer and asset manager Aviva uses the company’s platform to improve portfolio returns. Besides financial services, CausaLens’ platform has helped mitigate supply chain disruptions, navigate public health crises, and discover novel biomarkers for cancer.
Capital utilisation and growth
The company claims that the proceeds from this round will help it to double its team in 2022 while also investing to maintain its competitive technology lead. Currently, CausaLens claims to have the ‘strongest’ group of AI scientists and engineers assembled to implement Causal AI – they were selected from among more than 50,000 CVs.
After coming out of stealth mode in January 2021, CausaLens has witnessed annual revenue growth by more than 500 per cent and has added marquee clients including Tier1 banks, hedge funds, governments, and Fortune 500 companies.
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