A Devon tech company is set to create jobs after raising £1.1m in its latest funding round.
Distil.ai has developed a software platform which is designed to help businesses understand their customers’ behaviour and identify buying signals.
The business, which employs 15 staff at its headquarters in Exeter and also has a base in London, said it would use the money to enhance its product and expand its sales and marketing team to help it scale.
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The company has developed an app for businesses selling via Shopify, while it is also planning to launch similar platforms for other online marketplaces.
Founded in 2018 by data scientist Gerry McNicol, Distil counts Crowdfunder, Eden Project, and Plymouth-based online construction goods retailer CMO among its customers. The founders of crowdfunding platform Crowdcube backed the business at its inception.
The firm’s latest raise was led by asset management firm Mercia and supported by angel investors. Mercia previously backed Distil with a £400,000 investment in 2021.
Mr McNicol said: “We've filled Distil with powerful algorithms to provide a clear view of your business's performance. With the support of our partners in this funding round, we're set to accelerate the shift towards a more insightful and efficient future.”
Mercia has invested from its EIS (Enterprise Investment Scheme) funds. Rafael Joseph, investment manager at Mercia, said: “Companies which are selling online often lack the data insights they need to target customers more effectively and focus their sales and marketing strategy.
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“Distil.ai is a powerful tool that enables companies of all sizes to unlock these insights and can drive operating profit at a rapid pace. This funding will give the company additional resources to further enhance its product, ramp up sales and reach a wider audience.”
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