Xensam Raises $40 Million to Revolutionize Software Asset Management with AI

Xensam AB, a Swedish startup dedicated to helping companies effectively manage their software assets, has successfully secured $40 million in growth funding. Led by London-based Expedition Growth Capital, this fundraising round marks Xensam’s first external investment and is set to drive the company’s expansion and innovation efforts.

Founded in 2016, Xensam specializes in providing an AI-powered platform that simplifies software asset management for Information Technology (IT) teams. By leveraging artificial intelligence, the platform enables organizations to track, manage, monitor, identify, and reduce overspending on applications within their business networks. This is particularly crucial in today’s digital transformation landscape where the number of applications used by enterprise businesses has significantly increased.

Xensam’s platform is designed to handle software tools across organizations of all sizes and can accurately identify thousands of different applications, whether they are software as a service (SaaS), cloud-based, on-premise, or across hybrid environments. By effectively monitoring and optimizing the use of applications, Xensam empowers companies to reduce costs and maximize their software investments.

According to the Productiv 2023 State of SaaS report, companies are using an average of 371 SaaS applications, with spending per employee on SaaS reaching an estimated $9,600. However, 53% of these licenses are left unused. Xensam’s AI-powered solution addresses this issue by providing organizations with real-time insights into their application usage, enabling them to identify and eliminate unnecessary expenditures.

The platform also assists in compliance management by flagging expiring licenses and detecting unauthorized software installations. By streamlining these processes, Xensam helps companies avoid compliance issues and reduce the risk of security breaches caused by rogue software.

With the newly secured funds, Xensam plans to further enhance its platform by introducing advanced features, including a ChatGPT-inspired chatbot. By continuously innovating and integrating cutting-edge technologies, Xensam aims to revolutionize software asset management, making it more accessible, user-friendly, and efficient for companies worldwide.

By providing efficient and automated software asset management, Xensam empowers organizations to drive cost savings, enhance security, and optimize resource allocation. With their commitment to innovation, Xensam is poised to transform the way companies manage their software assets, paving the way for a more efficient and productive digital landscape.

FAQ Section:

Q: What is Xensam AB?
A: Xensam AB is a Swedish startup that specializes in software asset management.

Q: What does Xensam’s platform do?
A: Xensam’s platform uses artificial intelligence to simplify software asset management for IT teams. It helps organizations track, manage, monitor, identify, and reduce overspending on applications within their business networks.

Q: What types of applications does Xensam’s platform handle?
A: Xensam’s platform can accurately identify thousands of different applications, including software as a service (SaaS), cloud-based, on-premise, or across hybrid environments.

Q: How does Xensam’s platform help reduce costs for companies?
A: The platform allows organizations to monitor and optimize the use of applications, helping them reduce unnecessary expenditures and maximize software investments.

Q: How does Xensam’s platform assist with compliance management?
A: Xensam’s platform flags expiring licenses and detects unauthorized software installations, helping companies avoid compliance issues and reduce the risk of security breaches.

Q: What is the goal of Xensam with the newly secured funds?
A: With the newly secured funds, Xensam plans to enhance its platform by introducing advanced features, including a ChatGPT-inspired chatbot. They aim to revolutionize software asset management and make it more accessible and user-friendly.

Definitions:

1. Software asset management: The process of tracking and managing an organization’s software assets, including licenses, usage, and compliance.

2. Artificial intelligence: The development of computer systems that can perform tasks that would normally require human intelligence, such as problem-solving, decision-making, and learning.

3. Software as a service (SaaS): A cloud computing model where software applications are provided over the internet as a service, rather than being installed on individual computers.

4. Compliance management: The practice of ensuring that an organization follows laws, regulations, and industry standards.

Suggested Related Links:

1. Xensam Official Website
2. Productiv’s State of SaaS Report