Accountancy focused automation company Bots for That has been boost with a £1.5m equity investment to support its growth strategy. The Cardiff-based tech venture been secured investment from the British Business Bank’s £130m Investment Fund for Wales, for which its £50m equity element is managed by Foresight.
Bots for That provides intelligent software alternatives for repetitive, manual tasks within accounting and bookkeeping practices by deploying bots to free up professionals to focus on higher value tasks.
The Investment Fund for Wales was launched in November 2023, by the 海角视频 Government-backed British Business Bank, to boost the supply of early-stage finance to SMEs across Wales.
Bots for That was set up in 2015 by founder Daniel Lawrence, who has always been involved in operational efficiency and productivity enabling technologies.
With the advance of AI and automated technologies, this new investment will enable the company to continue to innovate and scale and has largely been invested in employment and product development at their base in Cardiff’s Tramshed Tech.
Mr Lawrence has recruited a further six employees within the last month and plans further growth over coming years, to enhance his current team of 21.
He said: “AI has never been more exhilarating than it is now . And against this backdrop we are continually developing new products to present and build to excite our clients.
“From our customers’ point of view, there’s an overwhelming choice available to them and we need to make ours stand out as affordable and simple to use in this game.”
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Bethan Bannister, senior investment manager, nations and regions investment funds at the British Business Bank, said: “The Investment Fund for Wales was created to support ambitious, high-growth businesses like Bots for That, companies with the innovation and drive to shape the future of sectors like AI. Bots for That is quickly emerging as a standout in the AI space, and we’re proud to play a part in their growth journey.
“I’m personally looking forward to witnessing their next phase of development as they continue to scale, innovate, and make their mark on the industry.”
Ruby Godrich, investment manager at Foresight, said: “We are very pleased to support Bots For That with this significant investment. Foresight’s investment via the Investment Fund for Wales will help the company to further scale and broaden its market reach as many companies seek to implement automation and AI solutions. We look forward to working with Daniel and the team on their exciting growth journey.”
The Investment Fund for Wales can make equity investments per deal up to £5m.