Salesforce-based CRM SaaS provider Ascendx Cloud has raised $110m (£82.7m) in a joint equity and debt round.
Founded in 2023, the company specialises in incorporating AI into customer relationship management tools.
AI features are expected to become the industry standard in CRM, with research group Gartner projecting three-quarters of CRM solutions to have incorporated the technology by 2026.
Backed by new funding, the London-based group said it plans to scale its portfolio of apps and expand the US end of its operations.
“AI is redefining the enterprise software stack and CRM is at the heart of that transformation,” said Ufuk Civilo, chief executive and co-founder of Ascendx Cloud.
“With data complexity continually growing, legacy CRM systems are buckling under the pressure to increase the value and productivity for organisations and deliver solid intelligence.
The investment from Osprey Investors and Columbia Lake Partners comprises $60m (£45m) equity and $50m (£37.6m) debt financing in one of the largest rounds for a UK CRM provider.
The company previously raised £14.3m in a Series A less than a year after it was founded.
“We’re thrilled to continue to support the Ascendx Cloud team on their journey toward building the world’s leading portfolio of CRM SaaS applications,” said Thomas Weisman, co-founder and managing partner at Osprey Investors.
“We are particularly excited about Ascendx Cloud’s growth opportunities as customer use cases evolve towards more agentic and automated CRM interactions, where Ascendx Cloud has developed a strong product positioning.”
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