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An Exeter-based tech company whose software platform helps businesses understand their customers’ behaviour and identify buying signals has raised a £400,000 investment from leading asset management firm Mercia.

Distil.ai’s platform brings together data from different sources across a business and distils it into a single centralised customer data view. It enables companies to optimise engagement for every customer and reduces the time it takes to achieve an uplift in sales. The funding will enable Distil to further develop its product and accelerate its sales and marketing.

Founded in 2018 by data scientist Gerry McNicol, has attracted high-profile customers including CrowdCube, Eden Project, Flavourly, AQL and Plymouth’s fast growing online construction goods retailer CMO.

Gerry McNicol, chief executive of Distil, said: “We’re on a mission to help businesses transform their data from an expensive, time-consuming challenge into a powerful goal-achieving asset. In Mercia we have found the perfect partner to expand our product and accelerate the growth for Distil and its customers.”

Mercia has invested from its EIS (Enterprise Investment Scheme) funds. Kiran Mehta, investment manager at Mercia said: “In most companies, customer data is scattered across different channels and tools, yet it holds valuable insights that are critical to business success. Distil uses sophisticated AI to bring all the data together and give businesses a 360-degree view of clients’ spending patterns, buying signals and behavioural traits.

“The business has achieved strong organic expansion over recent years, and Gerry and the team have ambitious plans for the future.

“This investment will allow them to pursue their growth strategy. I look forward to working alongside the team over the coming years to achieve their objectives.”