causaLens, the London deep tech company delivering the future of AI, has raised a $45m Series A round.
causaLens is the pioneer of Causal AI – the only AI technology that quantifies cause-and-effect relationships to reason alongside humans in a manner that is trustworthy, explainable, and fair. Causal AI represents a giant leap ahead of current correlation-based AI technologies, which blindly extrapolate historical patterns to forecast the future and are unable to ask counterfactual questions – the ‘what ifs’ that are the foundation of human imagination and creativity. causaLens’s no-code platform delivers far more accurate and reliable results and allows humans and machines to work together for the first time. It is trusted by decision makers across finance, industry, technology, and government.
The round was led by Dorilton Ventures and Molten Ventures, formerly Draper Esprit, with sizable participation from existing investors Generation Ventures and IQ Capital. GP Bullhound and others also joined the round, which was oversubscribed. As part of the transaction, Daniel Freeman of Dorilton Ventures has joined causaLens’s board of directors.
Since emerging from stealth mode in January 2021, causaLens has seen annual revenue grow by more than 500%. The company has won marquee clients including Tier1 banks, hedge funds, governments and Fortune 500 companies.
The team was formed by considering more than 50,000 CVs and is now approximately 50% comprised of PhDs in a variety of relevant disciplines. It represents the strongest group of AI scientists and engineers ever assembled to implement Causal AI. The Series A funding will allow causaLens to double its team in 2022 to meet the growing global demand for Causal AI while investing aggressively to maintain its competitive technology lead.
Commenting on the Series A raise, causaLens CEO and co-founder, Darko Matovski, said:
“Our vision is to create a world in which humans can trust machines with the greatest challenges in the economy, society, and healthcare. Our customers are seeing transformative results with our no-code platform and we now have the resources to bring our platform to everyone.”
Daniel Freeman of Dorilton Ventures added:
“AI must take the next step towards causal reasoning to meet its potential in the real world. causaLens is the first to leverage Causal AI to model interventions and enable machine-driven introspection. For example, “How will my portfolio perform if the Fed hikes rates this year?” or “What would our sales have been had we doubled the advertising spend last quarter?” This world-class team has built software with the sophistication to win over serious data scientists and the usability to empower business leaders. Dorilton Ventures is very excited to support causaLens on the next stage of its journey.”
Christoph Hornung, Investment Director, Molten Ventures said:
“Every company will adopt AI, not just because they can, but because they must. We at Molten are convinced that causality is the key ingredient that’s needed to unlock the potential of AI. causaLens is the world’s first Causal AI platform with a proven ability to convert data into optimal business decisions.”
causaLens has enjoyed notable success in delivering transformational outcomes across a range of sectors. In the financial services industry, the insurer and asset manager Aviva uses the company’s platform to improve the returns of its portfolios. Pension funds, including TIAA, with $1T under management, also trust causaLens’ platform with some of their most important decisions. As Wendy Harrington, Chief Data and AI Officer at TIAA says, “Transparency and explainability of AI models requires an understanding of causality – an inherent advantage of the causaLens platform.”
Beyond financial services, causaLens has helped mitigate supply chain disruptions, navigate public health crises and discover novel biomarkers for cancer.
Supported by $45M in the first close of this Series A round, causaLens is now able to help organizations across more sectors and geographies create human-centered AI systems they can fully trust.