Xensam, a Stockholm-based startup, has messed up the AI software asset management landscape by securing $40 million for itself in its first external funding round. Xensam’s, AI-powered tools, founded eight years ago, empower businesses to gain deep insights into their software usage. The investment, led by Expedition Growth Capital, will fuel Xensam’s expansion into the U.S. market and further enhance its AI technology mass.
Software asset management (SAM) is critical for enterprises seeking cost savings and efficiency. With nearly $900 billion spent globally on enterprise software in 2023, organizations tackle with handling various licenses across their operations. Cloud computing and software-as-a-service (SaaS) have intensified the difficulty, resulting in hundreds or even thousands of licenses under one roof. Xensam’s mission is to simplify this process.
Oskar Fösker, Xensam’s CEO, emphasized the company’s commitment to enhancing human capabilities: “We’re not replacing humans; we’re enhancing their abilities. Our AI-driven approach ensures accurate tracking of software usage, leading to better business decisions.”
Xensam’s platform offers:
- Automated Insights: By analyzing usage patterns, Xensam identifies underutilized licenses, enabling cost optimization.
- License Compliance: The AI system ensures compliance with licensing agreements, minimizing legal risks.
- Predictive Analytics: Xensam predicts future software needs, allowing proactive planning.
The startup brags 200 customers, including renowned names like Volvo’s Polestar and Northvolt. Annual recurring revenues are growing at an impressive 126%, reflecting the market’s hunger for SAM solutions.
As Xensam scales, it aims to simplify the complex world of software licenses, making it easier for businesses to focus on novelty rather than administrative overhead.
In Conclusion, Xensam, armed with its AI-driven tools, is poised to revolutionize software asset management (SAM). By securing $40 million in funding, the Stockholm-based startup aims to simplify the complex world of software licenses. Their platform offers computerized insights, ensures license acquiescence, and provides predictive analytics. As Xensam scales, it empowers businesses to focus on innovation while optimizing costs.
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