A company named Eilla AI has secured $1.5 million in fresh funding to support its operations. Specializing in generative AI technology, the London-based firm, founded just last year, focuses on streamlining data entry processes within the venture capital, private equity, and merger and acquisition domains.
By automating manual tasks, Eilla AI’s platform generates documentation, conducts financial analysis, and provides research services, thereby expediting operations for companies in these sectors.
Eilla AI’s CEO, Nikola Lazarov, highlighted the inefficiencies in the industry, pointing out the considerable time and effort spent on repetitive tasks that could easily be automated, particularly at the junior level. The company aims to revolutionize processes such as business mapping, which traditionally involve days of manual data collection and analysis. Despite the industry’s slow adoption of new technologies, Eilla AI aims to address the limited options available for M&A, VC, and PE activities.
The company reports that over 50 professionals and traders have already utilized its platform to streamline deal evaluation processes.
The recent funding round was spearheaded by Fuel Ventures and Eleven Ventures, with additional contributions from Mark Pearson, a managing partner at a private bank.
Lazarov expressed investor interest in conceptual AI, acknowledging the uncertainty surrounding its evolution and impact. Despite the proliferation of ChatGPT-wrapper startups, Eilla AI distinguishes itself through its cutting-edge AI technologies.
The newly acquired funds will be channeled towards expanding the company’s team of application developers and AI specialists, with a focus on product enhancements and technological innovations.
