Swedish firm Xensam raises $40m funding to power the next generation of AI-powered Software Asset Management

Swedish firm Xensam raises $40m funding to power the next generation of AI-powered Software Asset Management

Published: 09-02-2024 09:50:00 | By: Pie Kamau | hits: 604 | Tags:

Xensam, the technology provider of AI-powered Software Assessment Management, announced it has raised $40 million in growth funding from Expedition Growth Capital. The previously bootstrapped company will use the funding to invest in AI product development and expand operations in the US and Europe. 

As the SaaS market continues to grow considerably, the number of software tools used by organisations and businesses of all sizes has exploded. Software asset management (SAM) tools have surged in popularity to help businesses manage applications, track usage, identify overspending and maintain compliance.

Founded in Stockholm in 2016, Xensam’s vision is to simplify and automate SAM, with proprietary AI. Its intuitive platform allows IT executives and other stakeholders to understand precisely how users interact with applications across the entire digital infrastructure, delivering significant cost and efficiency savings.

Oskar Fösker, Co-founder and CEO, Xensam: ''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% 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.''

Xensam's platform with its perpetual agent can identify hundreds of thousands of applications, whether they are SaaS or on-premise, to provide a comprehensive organisational overview across hybrid environments. The insights generated are easy to understand and don’t require any technical expertise or manual configuration. Furthermore, the platform can integrate with any software, allowing additional data to be collected to provide a single source of truth. The platform's Security Centre provides an overview of potential compliance issues and security vulnerabilities, including pirated software detection and missing anti-virus tools, which helps reduce the risk of security breaches.

Gustav Fösker, Co-founder and CTO, Xensam: "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."

Oliver Thomas, Founder and Managing Partner, Expedition Growth Capital: ''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 investors and look forward to being a part of their growth journey.''