carlQuantexa, the AI start-up that recently achieved unicorn status, is set to hit £80 million in annual recurring revenue (ARR) by the end of 2024. This milestone comes as the market for its AI platform expands to £400 billion.
In April 2023, Quantexa secured unicorn status following a $129 million (£99.4 million) funding round, valuing the company at $1.8 billion (£1.4 billion). The London-based firm, which specializes in using AI to analyze financial data and manage risk, has since aggressively pursued growth.
Currently, Quantexa employs over 750 people across 15 global locations and serves more than 15,000 users. The company’s recent partnerships include a significant deal with Microsoft to offer its AI platform on the Azure marketplace and an alliance with Databricks.
Despite these achievements, CEO Vishal Marria stresses the need for the UK to better support growing tech businesses. He questions whether the country wants to merely foster start-ups or also support them through scaling to significant revenue levels. Marria highlights the importance of increased market liquidity and attracting top talent to maintain and grow British tech companies.
Looking ahead, Quantexa is considering an IPO in a few years and exploring further acquisitions, following its purchase of Aylien, an Irish natural language processing firm, in 2023.
With its ambitious plans and strategic moves, Quantexa aims to solidify its position as a leading player in the AI sector while addressing broader challenges faced by UK tech firms.
