Swiss startup Squirro lands $4 million funding as it buys US-based AI platform

Swiss augmented intelligence startup Squirro has acquired the U.S. deal sourcing platform open.exchange, and closed a $4 million growth equity funding round as part of the deal.

Squirro has acquired the US startup from BuildGroup, the capital investment firm founded by former Rackspace CEO Lanham Napier. The acquisition expands Squirro’s reach in the U.S. and enhances its technology offering. Open.exchange will integrate with Squirro’s existing applications to form an even more rounded offering and will further enhance Squirro’s existing technology to increase the speed and flexibility of the platform.

Founded in 2012, the Zurich-based augmented intelligence startup is helping businesses capitalise on new opportunities, improve client relations, and optimise decision-making capabilities using human intelligence with powerful AI. An Insight Engine at its core, Squirro delivers contextualised insights from most relevant data sources and displays them directly, via workbench integrations or through self-service applications.

Dr. Dorian Selz, CEO and co-founder, Squirro said: “This acquisition puts us firmly on the map in the U.S. and expand our market reach as demand for AI-derived insights increases."

The company currently works with global organisations, primarily in the financial services, insurance, telecommunications, and manufacturing industries. Customers include Bank of England, Standard Chartered, ING, Brookson, Candriam, and Ninety-One.