A data analytics company which has become one of Britain’s hottest technology businesses is closing in on a new round of funding expected to value it at billions of dollars.

Sky News has learnt that Quantexa, which was founded in 2016, is in advanced talks with Ontario Teachers Pension Plan (OTPP), one of the world’s biggest pension funds, about becoming a significant shareholder in the company.

Precise details of the funding injection, including its size and the likely post-money valuation attributed to Quantexa, were unclear on Sunday evening.

The company ranks among the most prized tech companies in Britain, and counts HSBC, British Patient Capital and the private equity firm Warburg Pincus among its shareholders.

Quantexa specialises in using AI, data and analytics software to help clients combat fraud and white-collar criminal activity.

It has worked with many of the world’s largest banks, but now derives a significant proportion of what it describes as decision intelligence revenue from outside the financial services industry.

The company’s last major funding round took place in 2023, when it was valued at $1.8bn.

Last October, it said it had reached $100m in annual recurring revenue – a significant milestone.

It is run by Vishal Marria, its chief executive, who is also understood to be a significant shareholder.

OTPP declined to comment, while Quantexa did not respond to several emailed enquiries from Sky News.