Xensam Secures $40 Million in Funding to Expand AI-based Software Asset Management

Xensam, a Stockholm-based startup specializing in AI-based tools for software asset management, has recently raised $40 million in its first external funding round. The investment comes from Expedition Growth Capital, a London-based investor. The funding will be utilized to further develop Xensam’s AI technology stack, expand its team, which currently stands at 100 employees, and enter the U.S. market.

Software asset management is a crucial aspect of enterprise IT, helping companies save money by efficiently tracking and understanding their software usage. The global spending on enterprise software reached a staggering $900 billion in 2023, with larger organizations often dealing with hundreds or even thousands of software licenses. This complexity can greatly impact various areas, including business spend, productivity, and security.

Xensam aims to address this challenge by utilizing AI to comprehensively scan and analyze an organization’s network, providing real-time insights into software usage across both cloud and on-premise environments. The company’s AI technology handles vast amounts of data during the software normalization process, ensuring standardized applications populated with metadata. Additionally, Xensam employs AI in its front-end by utilizing a chatbot trained on its system and software licensing rules.

The founders of Xensam, Oskar Fösker and Gustav Fösker, previously worked at Snow Software, an established player in the software asset management space. Recognizing the need for advanced AI capabilities to track Software as a Service (SaaS) usage, they decided to create Xensam as the first native SaaS player in the business. Xensam’s unique approach has enabled it to gain traction in the market and secure a substantial customer base, including well-known organizations like Volvo’s Polestar and Northvolt.

While Xensam has bootstrapped its business until now, the decision to accept external investment was driven by a desire to accelerate growth and expand its product offerings. The company remains committed to maintaining its strong company culture even with the infusion of venture capital. Expedition Growth Capital was chosen as an investor due to its alignment with Xensam’s cultural values.

With the new funding, Xensam plans to launch additional products in the second quarter, aiming to further enhance its software asset management solutions. The company’s impressive growth trajectory and critical role in enabling large enterprises to effectively monitor and manage software usage have positioned it as a key player in the software asset management industry.

FAQ: Xensam’s AI-Based Software Asset Management

What is software asset management?
Software asset management refers to the process of efficiently tracking and understanding an organization’s software usage. It helps companies save money by optimizing their software licenses and ensuring compliance.

What is Xensam?
Xensam is a Stockholm-based startup specializing in AI-based tools for software asset management. It was founded by Oskar Fösker and Gustav Fösker, who previously worked at Snow Software.

What is AI technology stack?
An AI technology stack refers to the combination of artificial intelligence technologies and tools used by a company. Xensam utilizes AI to comprehensively scan and analyze an organization’s network, providing real-time insights into software usage.

How does Xensam use AI in software asset management?
Xensam uses AI to handle vast amounts of data during the software normalization process, ensuring standardized applications populated with metadata. Additionally, it employs AI in its front-end by utilizing a chatbot trained on its system and software licensing rules.

Why did Xensam raise external funding?
Xensam decided to raise external funding to accelerate growth, expand its product offerings, and enter the U.S. market. The investment of $40 million came from London-based investor Expedition Growth Capital.

What organizations use Xensam’s software asset management solutions?
Xensam has gained traction in the market and has a substantial customer base, including organizations like Volvo’s Polestar and Northvolt.

What are Xensam’s plans for the future?
With the new funding, Xensam plans to launch additional products in the second quarter to further enhance its software asset management solutions. It aims to maintain its strong company culture despite the infusion of venture capital.

Related Links:
Xensam Official Website
Snow Software (previous workplace of Xensam founders in the software asset management industry)