London-based data analytics provider AVORA has received £1.5m in equity.
Investors to the round included Crane Venture Partners and existing angel investors Monsoon founder Peter Simon, and former Salesforce EMEA chairman Steve Garnett.
The company is a business intelligence and machine learning solution that enables companies to connect hundreds of data sources and create insights. The machine learning technology helps to detect anomalies and trends in business metrics.
AVORA’s solutions are used by a range of industries including, finance, retail, media, advertising, travel, and recruitment, among others. For financial institutions the platform can automate reporting, marketing ROI tracking and compliance, with the real-time analytics alerting users of any problems.
Ricky Thomas founder and CEO AVORA said, “The first wave of business intelligence software left many companies with multi-million-pound investments that do not provide a holistic view of company data. Traditional BI just generates charts, doesn’t tell where you look or help you do your job, there’s nothing intelligent about them.
“With AVORA we have created a software service to connect disparate data sources without the massive infrastructure investment and coding knowledge.”
The company was founded entrepreneur Ricky Thomas, who had previously founded and sold two online businesses, DatingUK and PetMeds.
Earlier this week, data and analytics company APAC opened a regional headquarters in Singapore, with the company looking to boost its presence in the Asian market. Also during the week, NGDATA, a customer insight solution, closed a $19m Series C led by HPE Growth Capital. Proceeds from the round will go towards accelerating the company’s global presence.
Crane Venture Partners recently led the $30m funding round into identity verification platform Onfido. The company was recently hand-picked by industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018.
UK’s FinTech sector has seen a lot of interest this year, with the first three quarters alone hitting a new record for funding. This year has already seen up to $2.1bn invested in to UK-based FinTechs, and is nearly double the equity injection seen over the whole of 2016.
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