[UPDATE 04.02.2026] [UPDATE 31.01.2026] QUANTEXA Ltd and The British Business Bank once more demonstrate why Company Law Compliance failures are always a leading indicator of trouble or worse including false statements in accounts.

[UPDATE 04.02.2026]

Do sign up for Gartner's survey report "Magic Quadrant for Decision Intelligence Platforms" to see what Quantexa's customers really think. It's very concerning.

https://www.quantexa.com/resources/2026-gartner-magic-quadrant-for-decision-intelligence-platforms/

Staff retention difficulties seem to be the least of the problems.

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[UPDATE 31.01.2026]

Now that the dust has settled ... my more detailed summary as a result of just following the Company Law Compliance failings and related documents:

QUANTEXA Limited – A complete write-off

(Footnotes and URL's follow at the bottom)

Puffed and promoted by successive Prime Ministers¹, and now the Rt Hon Rachel Reeves MP, Chancellor of the Exchequer², the latest accounts prove that in reality it is one gigantic confidence trick riddled with fraud, theft and false accounting, with Boards of Directors – actual and advisory – stuffed with ex Chiefs of MI5, MI6, GCHQ and Interpol who just look the other way when faced with endless breaches of UK statute law, self dealing and false accounting by the company and its investors – of which British Business Bank plc wholly owned by the Department of Business and Trade is the largest when you take into account it's funding of other shareholders -

including the inveterate liar and Director of Quantexa, Richard Seewald of “Evolution Equity” - a Czech national running Luxembourg and other funds who claims to live in Switzerland and now also claims to be a US Citizen - who told the SEC he is regulated by the Bank of England (hurriedly replaced by FCA) when that was an outright lie – and he is still doing it with the active conivance of the British Business Bank³ who have thrown £tens of millions of public money at him ! 

A very senior Bank of England official promised me, to my face, that he would investigate and take action – I am still waiting for a reply. Hope springs eternal

The latest accounts show that Quantexa’s $2.6bn enterprise value has collapsed by 28%, more than £500,000,000, for failure to meet investor milestones ahead of “conditional pricing” of the last Series F funding round⁴ in the first quarter of 2026.

One of Quantexa’s major “Aylien” stand-alone products, developed by a 3^rd party it acquired for >£6.4m of cash and £2m debt only 2 years ago, it has been written off entirely, and now Quantexa seems to have pivoted into the “two-a-penny anyone can do them” AI Agentic App market ⁵. 

As for the £5m (4% OF TOTAL REVENUE) Breach of Contract claim they admit is payable …

If it looks like a dog …………..

FOOTNOTES:

1   In 2023 Rishi Sunak says: “Quantexa’s new £85M London AI Innovation Centre” – Really? Where is it 3 years later?

https://www.quantexa.com/press/global-ai-investment/

2   Page 9: https://assets.publishing.service.gov.uk/media/6925e64222424e25e6bc31b1/Entrepreneurship_prospectus.pdf

3     https://reports.adviserinfo.sec.gov/reports/ADV/319748/PDF/319748.pdf

4   40,522 Shares yet to be issued and paid for in March 2026 less dilutive effect of 11,332 warrants at £0.001.

5  https://www.quantexa.com/press/quantexa-claims-accelerator-now-available-on-guidewire-marketplace-bringing-real-time-decision-intelligence-to-insurance-claims/

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So just what is the latest trick in the dodgy Chartered Accountants and Solicitors arsenal of “how to hide downrounds”, which is bound to spread to and be abused by other miscreants and will probably end in tears for so many investors? 

The details:

The 31.03.25 accounts were finally sent to Companies House on Christmas Eve and show not only continuously falling growth rates, the write-off of the entire £8.5m Aylien investment made only 2 years ago, a £5m Breach of Contract claim which they admit, but finally an admission that they did not raise $175m in March last year at a $2.6bn valuation.

I have a copy of the actual Register of Members which I am not allowed to share, so all my comments below are derived solely from the public utterances of Vishal Marria, his fellow directors and others and documents they have filed and created.

Quantexa used Par Value warrants to effectively hide and disguise the massive potential reduction in the enterprise value if their accounting representations didn’t hold up – which they didn’t as they say in the accounts. They simply failed to tell anyone and carried on bragging about a false $2.6bn valuation.

The numbers are as follows:

109,202 Series F shares authorised per resolution (CoHse 10.04.25)

51,840 issued @ £975.11 (CoHse 10.07.25) US$1,233.89 per Revised Articles p15 preference amount.

That gives the $2.6bn value if applied to all shares in issue and to be issued regardless of cash paid or payable – i.e. upto a secret BOGOF on the Series F as I had publicly stated more than 6 months ago.

BUT BUT BUT …

the preference amount on earlier series bought as a secondary purchase only by Toronto/Singapore/British Business Bank was increased to US$987.11 (Revised Articles p 15 preference amount) which is the same price (USD/GBP adjusted) as the Series E 2 years earlier. It is wholly reasonable to assume that this is the amount paid to the vendors US$987.11 ((i.e 20% discount to the mythical $2.6bn value)

AND

40,522 shares YET TO BE allotted for $49m was not received in March 2025, nor were the shares due to be issued until sometime this quarter (A/cs Note 22) even though the accounts state the money had been received when it had not been.

AND  the warrant position is as follows:

4,508 Exercised July 2025 (CoHse 11.07.25) – i.e 8% discount on 51,840 already issued Series F shares

13,332 warrants to be issued/exercised at or near the same time (being the balancing item with the disclosures in Note 22).

The directors of the Albion VCTs are all guilty of making false and misleading representations in the most recent prospectus as they knew about the collapse in the Quantexa valuation but knowingly failed to correct  the false statements made on page 11 of the audited accounts about the $175m Series E having completed when the Directors of the VCTs knew that to be an outright lie.