Stockholm-based Xensam, a technology provider of AI-powered Software Assessment Management, announced that it has raised $40M (approximately €37.13M) in a growth round of funding.
The previously bootstrapped company Xensam plans to allocate the capital towards AI product development and expanding its operations in the United States and Europe.
Gustav Fösker, co-founder and CTO of Xensam, says, “By pioneering AI from the start, we’ve transformed SAM for hundreds of companies, making it user-friendly and removing manual work.”
“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.”
Investor supporting Xensam
The investment came from Expedition Growth Capital, a London-based software-focused growth equity firm.
The firm makes minority equity investments of €10M – €30M in growing, founder-owned software businesses across Europe. It specialises in supporting European founders who have built strong market positions in valuable business software categories.
Oliver Thomas, founder and managing partner at Expedition Growth Capital, says, “Xensam is one of the most impressive European growth companies we’ve come across.”
“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.”
“We’re delighted to be working closely with the company as their first external investor and look forward to being a part of their growth journey,” adds Thomas.
Simplified software management
As the SaaS market grows, organisations are turning to Software Asset Management (SAM) tools to manage applications, track usage, control costs, and ensure compliance in the face of the increasing number of software tools.
Founded in 2016 by brothers Oskar and Gustav Fösker, Xensam utilises proprietary AI to simplify Software Asset Management (SAM). The platform offers insights into user interactions with applications, driving cost and efficiency savings for IT executives.
Xensam’s platform uses a perpetual agent to identify numerous applications, both SaaS and on-premise, offering a clear organisational overview in hybrid settings. The insights need no technical expertise or manual setup.
The platform integrates with any software, collecting additional data for a unified source. Its Security Centre highlights compliance issues and security vulnerabilities, such as detecting pirated software and missing anti-virus tools, reducing the risk of security breaches.
Xensam’s co-founder, Oskar Fösker says, “We founded Xensam to provide an intuitive platform for software asset management and resource optimisation by leveraging AI and automation.”
“Since then, we have grown over 126 per cent year-on-year and demonstrated how innovative, scalable and user-centric technology can deliver exceptional value to customers.”
“We’re thrilled to partner with Expedition Growth Capital to help fuel the next phase of our expansion,” adds Fösker.
Xensam boasts over 200 customers, including names such as Polestar (Volvo-owned electric car leader), Northvolt (battery manufacturer), and Jabil (F500 supply chain giant).