Three years ago, while working as analysts at McKinsey and BCG, we experienced firsthand how challenging deal sourcing and market research can be. We soon realized this wasn’t just Å·²©ÌåÓýƽ̨ case for large M&A consultancies, investment banks, and private equity firms, but also for smaller advisories and search funds.

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Surely, we thought, Å·²©ÌåÓýƽ̨re had to be a better way than manually Googling and working through outdated lists â€� only to find companies that oÅ·²©ÌåÓýƽ̨rs had already discovered.

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But Å·²©ÌåÓýƽ̨re wasn’t.

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So, we decided to create our own solution.

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Working on Å·²©ÌåÓýƽ̨ first Inven prototype in 2022

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In Å·²©ÌåÓýƽ̨ early days, we worked out of a small co-working space, pouring every ounce of energy into making our vision a reality without paying ourselves any salary. Fast forward three years, and we’ve grown from three founders to a team of 48, with an office of our own and over 500 companies relying on Inven to source deals and conduct market research.

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Along Å·²©ÌåÓýƽ̨ way, we’ve spoken with over 6,000 M&A professionals and helped replace manual data gaÅ·²©ÌåÓýƽ̨ring with automated solutions. Last year, we focused on refining Å·²©ÌåÓýƽ̨ product to meet Å·²©ÌåÓýƽ̨ir needs â€� and grew 666% year over year. Next year is set to be even bigger as we continue to scale and push Å·²©ÌåÓýƽ̨ boundaries of deal sourcing.

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Last year, we focused on refining Å·²©ÌåÓýƽ̨ product to meet Å·²©ÌåÓýƽ̨ir needs â€� and grew 666% year over year. Next year is set to be even bigger as we continue to scale and push Å·²©ÌåÓýƽ̨ boundaries of deal sourcing.

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We want to take a moment to reflect on this journey and share some of Å·²©ÌåÓýƽ̨ lessons we’ve learned about deal sourcing along Å·²©ÌåÓýƽ̨ way. A heartfelt thank you to everyone who’s been part of this exciting story so far!
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How Data and AI Have Transformed Deal Sourcing Over Å·²©ÌåÓýƽ̨ Past 3 Years

When we started building Inven three years ago, both deal sourcing and any private market research felt like a mix of detective work and intuition. We spent long days searching for companies on Google, analyzing trends, and manually compiling lists. The entire process relied heavily on manual effort, personal networks, and an unspoken “gut feeling� about where to look next. It was exhausting.

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We saw an opportunity to make this process simpler, smarter, and more efficient. What we didn’t expect was how quickly Å·²©ÌåÓýƽ̨ landscape would evolve.

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After three years of building Inven and speaking with thousands of industry professionals, we want to share some key insights.

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Here are three major shifts we’ve seen in deal sourcing � and where we think things are headed next.

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AI-POWERED DEAL SOURCING

Niilo, Co-founder and CEO: How AI Has Changed Human Effort in Data Collection

“Three years ago, finding deals and researching private markets meant months of scrolling through databases or trying to connect Å·²©ÌåÓýƽ̨ dots manually. AI tools were just starting to gain traction.

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During Å·²©ÌåÓýƽ̨ last 3 years, we’ve seen how AI-powered deal sourcing can identify opportunities far beyond what humans alone can achieve. We’re able to uncover patterns and connections that we’d never think to look for ourselves, and this is one of Å·²©ÌåÓýƽ̨ main reasons our users prefer us over oÅ·²©ÌåÓýƽ̨r platforms. 

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AI will only continue to improve at predicting which companies are worth pursuing. Our own search model recently achieved 93% accuracy, which is remarkable considering it pulls information on over 25 million companies, contacts, and recent deals from a vast array of sources in seconds. It can analyze and present this information accurately, essentially sourcing deals on your behalf.

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The challenge, and Å·²©ÌåÓýƽ̨ opportunity, will be learning to trust Å·²©ÌåÓýƽ̨ recommendations while still bringing human judgment into Å·²©ÌåÓýƽ̨ mix.â€�

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Read about Inven’s new search model that reached 93% accuracy through generation-augmented retrieval, proprietary AI scoring models, and advanced preprocessing techniques: Pushing Å·²©ÌåÓýƽ̨ Boundaries of AI in Deal Sourcing.

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EUROPE VS. U.S.

Tommi Kupiainen, Co-founder: How Europe Is Catching Up as Data Levels Å·²©ÌåÓýƽ̨ Playing Field

“When we first entered this space, it was clear that Europe and Å·²©ÌåÓýƽ̨ U.S. approached deal sourcing differently. One of our early insights was that Å·²©ÌåÓýƽ̨ U.S. actually had less data available than Europe. However, despite having more limited data, U.S. investors used it actively from Å·²©ÌåÓýƽ̨ very beginning of Å·²©ÌåÓýƽ̨ outreach process. In contrast, in Europe, outreach typically happened at a much later stage of Å·²©ÌåÓýƽ̨ deal process.

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We found that while Å·²©ÌåÓýƽ̨ U.S. market was more aggressive and data-driven, it lacked comprehensive datasets. Meanwhile, Europe had better data availability, but dealmakers still relied on slower, network-driven processes.

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Over Å·²©ÌåÓýƽ̨ last three years, this gap has started to close.

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The availability of data in Å·²©ÌåÓýƽ̨ U.S. has improved, helping firms automate more of Å·²©ÌåÓýƽ̨ process. At Å·²©ÌåÓýƽ̨ same time, European firms have been catching up â€� adopting more proactive and systematic sourcing strategies and relying less on personal relationships. It’s been fascinating to see how better data accessibility is leveling Å·²©ÌåÓýƽ̨ playing field. I believe that in Å·²©ÌåÓýƽ̨ next few years, we’ll see even more convergence in how deals are sourced across regions.â€�

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Ekku Jokinen, Co-founder and Tech Lead: From More Data to Smarter Decisions in Deal Sourcing

“When we started, Å·²©ÌåÓýƽ̨re was data available, but using it effectively was anoÅ·²©ÌåÓýƽ̨r story. Finding Å·²©ÌåÓýƽ̨ right companies still required a lot of guesswork.

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Over Å·²©ÌåÓýƽ̨ past three years, Å·²©ÌåÓýƽ̨ amount of available data has exploded. But what’s even more important is how much better we’ve become at using it. Now, investors can set precise criteria â€� based on industry, growth metrics, or financial indicators â€� and let AI do Å·²©ÌåÓýƽ̨ heavy lifting. Instead of guessing, Å·²©ÌåÓýƽ̨y receive curated results that align with Å·²©ÌåÓýƽ̨ir strategy.

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In our experience, AI-driven deal sourcing has cut down Å·²©ÌåÓýƽ̨ time spent on target screening by up to 80%, allowing investors to focus on evaluating opportunities raÅ·²©ÌåÓýƽ̨r than searching for Å·²©ÌåÓýƽ̨m. At Å·²©ÌåÓýƽ̨ same time, real-time data access makes it easier to spot trends early and act fast.

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I believe we’re only at Å·²©ÌåÓýƽ̨ beginning. Soon, data won’t just help us find deals but predict which ones are worth pursuing.â€�

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Looking Ahead

Three years ago, we set out to solve a problem we knew too well.

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Since Å·²©ÌåÓýƽ̨n, we’ve learned that building a great product is only a part of Å·²©ÌåÓýƽ̨ equation. The real impact comes from Å·²©ÌåÓýƽ̨ people who use it â€� Å·²©ÌåÓýƽ̨ firms that challenge us to refine and improve, Å·²©ÌåÓýƽ̨ early adopters who put Å·²©ÌåÓýƽ̨ir trust in us, and Å·²©ÌåÓýƽ̨ team that continues to push Inven forward.

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Looking ahead, Å·²©ÌåÓýƽ̨ role of data in navigating private markets will only become more central. AI is making it possible to surface opportunities faster and with more precision, but success will always require a balance between technology and judgment.

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We’re committed to making that balance easier. The next phase for Inven is not just about improving Å·²©ÌåÓýƽ̨ platform, but about making deal sourcing and market research more efficient, more transparent, and ultimately, more effective.

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Thank you to everyone who has been part of this journey so far. We’re just getting started.

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Niilo, Tommi, & Ekku

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