Xensam, the Swedish technology firm specializing in AI-powered Software Asset Management (SAM), has successfully raised $40M (approximately €37.13M) in a growth funding round. This marks a significant milestone for the previously bootstrapped company, enabling it to further develop its AI product and expand operations across the United States and Europe.
Gustav Fösker, co-founder and CTO of Xensam, emphasized the company’s commitment to transforming SAM for hundreds of companies by making it more user-friendly and eliminating manual work. The new funding will allow Xensam to continue innovating its platform with advanced features, including the introduction of a ChatGPT-inspired chatbot to enhance accessibility and user experience.
Investment from Expedition Growth Capital
The investment was led by Expedition Growth Capital, a London-based growth equity firm focusing on software. Expedition Growth Capital specializes in supporting European founders who have established strong market positions in valuable business software categories, making minority equity investments ranging from €10M to €30M.
Revolutionizing Financial Services Communication
Oliver Thomas, founder and managing partner at Expedition Growth Capital, praised Xensam as one of the most impressive European growth companies they have encountered. He highlighted Xensam’s critical solution for enabling large companies to track, monitor, and manage software usage effectively.
Simplifying Software Asset Management
Founded in 2016 by brothers Oskar and Gustav Fösker, Xensam leverages proprietary AI to simplify SAM, offering insights into user interactions with applications and driving cost and efficiency savings for IT executives. Xensam’s platform identifies numerous applications, both SaaS and on-premise, providing a clear organizational overview in hybrid settings without requiring technical expertise or manual setup.
Security and Compliance Enhancements
Xensam’s Security Centre highlights compliance issues and security vulnerabilities, such as detecting pirated software and missing antivirus tools, reducing the risk of security breaches. This comprehensive approach to software asset management and resource optimization leverages AI and automation to deliver exceptional value to customers.
Expanding Customer Base and Product Offerings
With over 200 customers, including industry leaders like Polestar, Northvolt, and Jabil, Xensam has demonstrated significant growth and innovation in the SAM space. The company’s year-on-year growth of over 126% showcases the demand for innovative, scalable, and user-centric technology solutions in software asset management.
This funding round enables the company to fuel the next phase of its expansion, bringing its transformative software asset management solutions to more companies across Europe and the US, and reinforcing its position as a leader in the SAM industry.