Stockholm AI start-up Xensam raises $40m for US expansion

9 Feb 2024

From left: Oskar and Gustav Fösker. Image: Paul Clarke/Xensam

Founded in 2016 by brothers Oskar and Gustav Fösker, Xensam has its eyes on US and European expansion.

Swedish start-up Xensam has raised $40m in a funding round to invest in its AI software asset management platform and expand across the US and Europe.

Based in Stockholm, Xensam has developed an AI-powered platform that helps IT executives track, monitor and manage their software usage. This helps businesses reduce costs and maintain compliance.

The start-up was founded in 2016 by brothers Oskar and Gustav Fösker and has been bootstrapped since. The funding round was led by Expedition Growth Capital, a private equity firm based in London.

“We founded Xensam to provide an intuitive platform for software asset management and resource optimisation by leveraging AI and automation,” said Oskar, who is the CEO.

“Since then, we have grown over 126pc year-on-year and demonstrated how innovative, scalable and user-centric technology can deliver exceptional value to customers.”

An announcement from the company yesterday (8 February) noted that the funding will be used to invest in AI product development and expand operations in the US and Europe. Outside of Sweden, Xensam has a presence in the UK and US and other parts of Europe.

Gustav, who is the chief technological officer, said that the company has been able to transform software asset management for hundreds of companies by “pioneering” AI from the start and making the process more user-friendly by 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.”

Oliver Thomas, founder and managing partner at Expedition Growth Capital, said Xensam is one of the “most impressive” European growth companies he has 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 investors and look forward to being a part of their growth journey.”

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Vish Gain is a journalist with Silicon Republic