AI spending in the finance sector has been notably high in recent years, second only to the tech sector. At the same time, mergers and acquisitions (M&A) advisors and investors often face significant time constraints due to the overwhelming volume of routine tasks within the deal workflow. Now, one tech startup has stepped in to address these challenges.
Enter Eilla AI, a London-based fintech startup that uses generative AI to automate these processes by mirroring the actions of industry professionals to streamline and alleviate the burden of time-consuming tasks associated with deal workflow. In addition, Eilla’s AI platform also enables the discovery of fresh insights and aids in intricate decision-making by gathering and analyzing vast amounts of information from diverse sources in a significantly reduced timeframe compared to current capabilities on the market.
Today, Eilla AI announced today it has raised $1.5 million in a seed funding round led by Eleven Ventures and supported by Fuel Ventures to scale its operation and grow its team. Eilla AI will also use the funding to expand its offering and support its ambitious goals of extending its presence across Europe.
In a statement, Lazarov said: “The bottom line is that financial professionals are paid to think, not waste time on mundane tasks. But the amount of time and effort it takes a junior at a financial firm to map out the companies in a specific industry, for example, can spiral quickly. We tackle this problem by analyzing all of the essential information and then providing a report in the appropriate format for our clients. This funding will be vital as we aim to expand our technical team and product offering, while also positioning the business for growth across the M&A, venture capital, and private equity markets.”
Svetozar Georgiev, General Partner at Eleven Ventures, said: “The daily work of M&A, VC, and PE professionals hasn’t evolved much in the past 30 years, dominated by lots of manual data retrieval and analysis, as well as mundane document creation. Eilla’s generative AI platform is a total game-changer, which will provide superhuman productivity. What previously took hours and days will take minutes, enabling people to focus on human interactions instead. We are excited to be leading Eilla AI’s seed funding round and work with its talented team, which uniquely combines deep AI expertise with M&A domain knowledge.”
Mark Pearson, Founding Partner at Fuel Ventures, said: “It was immediately clear from our own experiences in Venture Capital that Eilla’s innovative, AI-driven approach will save a substantial amount of time and resources. Eilla will enable us in VC and others across PE, Corporate Finance and beyond to really focus on actually adding value. We’re excited to be investing alongside Eleven Ventures, and are looking forward to building something great with the enormously talented Eilla team.”