Dutch banking giant ING has made an investment of $5m in Eigen Technologies, a UK-based provider of natural language processing (NLP) technology.
The Dutch group made this investment through its investment arm ING Ventures.
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The latest investment is a part of the Series B funding round announced in November last year, in which Eigen earlier raised $37m.
This brings the total investment raised by Eigen in the Series B round to $42m.
Overall, the British start-up has raised $60m to date.
Eigen Technologies’ existing investors include Goldman Sachs, Temasek, Lakestar and Dawn Capital.
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By GlobalDataFounded in 2014, Eigen’s machine learning engine enables financial institutions to extract information and insights from large and complex documents.
Eigen Technologies co-founder and CEO Lewis Liu said: “In the years we have worked with ING we have found them to have some of the most advanced thinking in the market on the application of machine learning in financial services, something that comes from their fantastic innovation culture.”
Through the latest investment, ING will combine its expertise with Eigen’s NLP technology to apply machine learning into financial services.
The Dutch bank already uses Eigen’s NLP technology in London interbank offered rate (LIBOR) transition and loan operations.
ING chief innovation officer and ING Ventures CEO Benoît Legrand said: “Eigen offers a strategic capability in the intelligent operations domain, deployed in use cases across retail as well as wholesale banking.
“This partnership will allow both companies to work closely together when implementing use cases through data and process analysis, so as to accelerate Eigen’s advantage in NLP as well as ING’s digital transformation.”
