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Thentia Raises $38M as It Eyes Licensing Tech Growth

The Canadian firm, working to expand in the U.S. and elsewhere, plans fresh investments in artificial intelligence as well as more hiring. The company had raised $10 million in a previous funding round.

Licensing and regulatory technology firm Thentia has raised $38 million in a Series B extension round, capital that will help the Canada-based company invest more in artificial intelligence.

The round was led by existing investors including First Ascent Ventures, Spring Mountain Capital, BDC Capital and Espresso Capital, according to a statement.

Besides AI, the company intends to use the fresh capital to scale operations, boost hiring and undergo geographic expansion. Almost two years ago, for instance, the company said it was working toward more government technology presence in the U.S. after raising $10 million in a previous funding round.

“Thentia has brought together an exceptional group of leaders and subject matter experts who grasp the unique challenges facing regulators,” says Mark Smith, partner at BDC Capital’s Industrial, Clean and Energy Technology (ICE) Venture Fund, which has been a Thentia investor since 2020.

Thentia says its Thentia Cloud end-to-end ERP platform “consolidates all essential regulatory functions within a single and secure cloud-based environment.”

Among the company’s more recent offerings is the Data Migration Accelerator, or DMA. It uses AI to help Thentia clients migrate data to the Thentia Cloud platform, and also serves as a data management tool.

“Looking ahead in 2024, we are poised to unveil an array of innovations that promise to redefine the industry landscape,” said Julian Cardarelli, Thentia CEO, in the statement. “These transformative capabilities are not just enhancements, they are industry-altering advancements that will set a new standard for what is possible.”