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ING Group invests in London-based NLP tech provider Eigen

Benoît Legrand, ING Group’s CIO and CEO of ING Ventures

Dutch multinational banking and financial services corporation, ING Group has announced a €4.5 million investment in London-based provider of Natural Language Processing (NLP) technology Eigen Technologies. The investment was done through the company’s venture capital arm, ING Ventures.

The Bank’s investment forms a part of Eigen’s Series B funding round worth $42 million along with the participation of other investors such as Goldman Sachs, Temasek, Lakestar and Dawn Capital.

Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures said, “This partnership allows both companies to work closer together when implementing use cases through data and process analysis, so as to accelerate Eigen’s advantage in NLP as well as ING’s digital transformation.”

The investment is expected to enable ING to utilise Eigen’s capabilities for establishing customised  NLP models for catering to the financial industry’s need for data extraction and for boosting development across the areas of trade finance and wholesale banking. ING has already implemented Eigen’s NLP technology in areas such as LIBOR transition and loan operations.

Eigen Technologies Co-founder and CEO Dr Lewis Liu said, “In the years we have worked with ING we have found them to have some of the most advanced thinking in the market on the application of machine learning in financial services, something that comes from their fantastic innovation culture. To have ING join us as both an investor and strategic partner is a great privilege.

Recently, ING partnered with AI-driven platform, Tradeteq in a bid to facilitate the distribution of commodity trade finance exposures to non-bank institutional investors.

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