Quantexa reports 40% growth in ARR, aims for GBP £80m in 2024
British artificial intelligence firm Quantexa has announced a significant acceleration in its business growth, completing the fiscal year 2024 with a substantial 40% increase in global Decision Intelligence Annual Recurring Revenue (ARR). Additionally, the firm achieved a net retention rate exceeding 120%, reflecting its strong customer retention capabilities.
The company is projecting an ARR of GBP £80 million by the end of 2024, driven by the expanding Decision Intelligence market, which is valued at GBP £400 billion. This projection comes a year after Quantexa attained unicorn status during its Series E funding round, with a valuation reaching GBP £1.5 billion.
Quantexa, established in London in 2016, has grown into a global entity, employing over 700 people across 15 international locations. The firm's fiscal year 2024 saw the addition of several tier-one enterprise customers across sectors including banking, insurance, telecommunications, media, technology, and the public sector. This contributed a significant 20% increase to its yearly ARR.
Over the past year, more than 25% of the world's 50 largest banks have deployed Quantexa's Decision Intelligence Platform. This deployment has facilitated the creation of a robust data foundation, enabling these banks to leverage the benefits of operationalising artificial intelligence.
Geographically, the company observed a 30% growth in ARR from the Americas, while Europe and the Middle East witnessed an impressive growth rate exceeding 50%. This geographic expansion aligns with Quantexa's strategy of broadening its market presence both industry-wise and geographically.
Additionally, Quantexa reported a 30% increase in ARR from its Data Management and Financial Crime Solution suites. This growth signifies the firm's ability to address specific industry pain points and harness new revenue opportunities through the adoption of its solutions.
The successful acquisition and integration of Aylien into its technology portfolio further bolstered Quantexa's financial performance, contributing to a 16% annual revenue growth for its News Intelligence offering.
The fiscal year 2024 was marked by notable milestones for Quantexa. In April 2023, the company secured GBP £129 million in a Series E funding round, further cementing its unicorn status. By July 2023, Quantexa announced significant investments in the global AI industry, aimed at aiding clients in optimising AI use within their organisations.
Expansion continued with the opening of a new Asia-Pacific headquarters in Singapore in November 2023. This move supports the company's broader regional strategy, following the launch of operations in Japan and its existing presence in Melbourne, Sydney, and Malaysia.
In collaboration with Forrester Consulting, Quantexa published a study in January 2024, detailing the impressive returns on investment (ROI) customers achieve with its Decision Intelligence technology. The study highlighted that Quantexa's platform can deliver a 228% ROI over three years.
Furthering its strategic expansion, Quantexa entered a partnership with Microsoft, making its Decision Intelligence Platform available on the Microsoft Azure Marketplace. This partnership aims to extend the platform's reach to mid-sized banks in the United States, enhancing its capabilities within the financial services sector.
By the end of fiscal year 2024, Quantexa had surpassed 750 global employees and reached over 15,000 active Decision Intelligence Platform users, showcasing its substantial market penetration and user engagement.
Vishal Marria, Founder and CEO of Quantexa, attributed the company's growth to its strategic investments, partnerships, and its ability to help customers effectively prepare their data for AI implementation. Marria stated, "Our success stems from empowering our customers to solve complex challenges across various industries globally, reaffirming our commitment to delivering decision intelligence technology that drives sustainable growth."
