xNova, a platform that provides market intelligence software for exporters, has announced its first funding of €200,000.
The round was led by American investment fund Plug & Play, alongside Basque investment fund ieStart and business angels.
The fresh capital will be used to include data from other countries and develop new features for the platform.
In 2023, xNova aims to deliver its solution to exporting enterprises across all sectors to help them become more competitive in foreign markets.
Founded in early 2022 by Amado Villar and Miguel Ortega, xNova is a SaaS platform powered by AI and big data analytics that helps to export businesses access real-time information about potential international clients, including what products they are purchasing and from which suppliers.
The platform also enables businesses to monitor their competitors and stay up-to-date with market developments.
Amado and Miguel, the founders of xNova, met while studying in the United States.
Amado, while working at the Spanish Chamber of Commerce, saw firsthand the challenges exporting businesses faced when expanding internationally and teamed up with Miguel, a software engineer at the University of Pennsylvania, to create a platform that would help businesses of all sizes successfully export.
The first version of the software was completed in December 2021, and the founders were accepted into the Lanzadera startup accelerator.
Since then, they have helped hundreds of Spanish businesses expand internationally, including both large multinationals and small businesses exporting for the first time.
