Xensam, a software asset management platform based in Sweden, has announced a $40 million growth focused fundraising round. The company wants to grow its business in the US and Europe and invest the money in the development of AI products.
London-based Expedition Growth Capital invested in Xensam in this round.
Brothers Oskar and Gustav Fösker founded the company in 2015 with the goal of giving IT specialists and software asset managers more access to helpful SAM data.
SaaS and its related ecosystem vertical is growing and doesn’t appear to be slowing down.
That being said, it makes even more sense for Xensam to be recruiting outside money for the first time, given the company’s ARR growth of 126% annually since 2017.
With its perpetual agent, Xensam’s platform is able to recognize hundreds of thousands of applications—SaaS or on-premise—and provide a thorough organizational perspective in hybrid settings. There is no need for manual setting or technical expertise to appreciate the insights that are created.
In addition, the platform is software-integrable, meaning that more data may be gathered to create a single source of truth. In order to lower the possibility of security breaches, the platform’s Security Center offers an overview of possible compliance problems and security vulnerabilities, including the detection of pirated software and missing anti-virus solutions.
With a new $40 million in funding, Xensam plans to go well beyond its conventional area of focus, which is competing in the lucrative US market. The company has already won the business of Polestar, Northvolt, and F500 supply chain major Jabil.
Gustav Fösker, CTO of Xensam, said:
“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.”
