Swedish Startup, Xensam, raises €37 Million to drive AI-Powered software asset management forward

Xensam, a prominent provider of AI-driven Software Asset Management has secured €37 Million in expansion capital from Expedition Growth Capital. The formerly bootstrapped business will utilize the money to grow its operations in the US and Europe and invest in the development of AI products.

Organizations and companies of all sizes are using an unprecedented amount of software solutions as the SaaS market continues to expand significantly. The use of software asset management (SAM) technologies has grown significantly as a means for enterprises to measure consumption, identify overspending, manage applications, and ensure compliance.

The goal of Xensam, founded in 2016 in Stockholm by brothers Oskar and Gustav Fösker, CTO and CEO, respectively, is to use proprietary AI to automate and streamline SAM. With major cost and efficiency savings, our user-friendly platform gives IT executives and other stakeholders a clear understanding of how users interact with apps throughout the whole digital infrastructure.

Oskar Fösker, co-founder and CEO of Xensam stated:

“We founded Xensam to provide an intuitive platform for software asset management and resource optimization by leveraging AI and automation. Since then, we have had annual growth of over 126% and have proven that cutting-edge, scalable, and user-centric technology can provide clients with outstanding value. We are excited to collaborate with Expedition Growth Capital to support the subsequent stage of our growth.”

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With its perpetual agent, Xensam’s platform can recognize hundreds of thousands of applications—SaaS or on-premise—and provide a thorough organizational perspective in hybrid settings. You don’t need technical expertise or manual setup to appreciate the insights generated. In addition, the platform is software-integrable, meaning that more data may be gathered to create a single source of truth. Further, to lower the possibility of security breaches, the platform’s Security Center offers an overview of possible compliance problems and security vulnerabilities, including the detection of pirated software and missing anti-virus solutions.

Gustav Fösker, co-founder and CTO of Xensam said:

“By pioneering AI from the start, we’ve transformed SAM for hundreds of companies, making it user-friendly and removing manual work. With the additional funding, we can continue innovating the platform and incorporate advanced features, like a chatbot inspired by ChatGPT, enhancing accessibility and user experience.”

Managing partner and founder of Expedition Growth Capital, Oliver Thomas, said:

“Xensam is one of the most impressive European growth companies we’ve come across. Over their nearly eight years in business, they have developed a vital solution that helps thousands of people in large enterprises track, monitor, and control software usage. Consequently, being the first outside investor for the company, we are thrilled to be collaborating directly with them and are excited to follow their growth path.”

Image Credit: Xensam