Eilla AI, a startup using generative AI to improve dealmaking efficiency, has raised $1.5 million in fresh funds.
The London-based startup, founded last year, wants to reduce the amount of manual data entry and input done in the M&A, private equity, and venture capital industries.
The startup’s platform generates documentation and provides financial research and analysis to speed up the process for firms in the space.
“The biggest issue we see in the industry is that so much energy and time is spent on repetitive, mundane tasks that can easily be automated, especially at the junior level,” Eilla AI CEO Nikola Lazarov told Insider.
“Instead of manually gathering and analyzing information for hours, something like mapping out a market could be done in a matter of seconds. In addition, the industry is slow to adapt to new technologies and there are not many solutions fit for M&A, VC, and PE.”
The company claims to have already been used by over 50 advisors and investors to aggregate and analyze prospective deals.
The funding round was led by Eleven Ventures alongside Fuel Ventures, including capital from the fund’s managing partner Mark Pearson, in a personal capacity.
“Even though there is a lot of excitement around Generative AI, investors are very fearful about it, due to it being so groundbreaking, it’s almost impossible to predict how things will play out in the future,” Lazarov said.
“Regardless of the hype around AI, which led to the emergence of an overwhelming amount of ChatGPT-wrapper type start-ups, we managed to differentiate ourselves in front of the investors, through our innovative AI technology.”
The new capital will go towards expanding the company’s team of software developers and AI engineers with the aim of investing in product improvements and innovations.
Check out Eilla’s 12-slide pitch deck below:
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