Silico, an AI-powered decision-making platform has announced the completion of a £3.4m seed round of investments, led by German VC Join Capital.
Existing investors Forward Partner also participated in the latest round, along with ‘high-profile’ angel investors from the B2B and enterprise automation space.
The funding will be used to build out Silico’s core engineering team and deliver an enhanced AI recommendation function, boosting the capabilities and range of the product. The funding will also be used to expand Silico’s reach across Europe.
London-based Silico uses simulation technology to allow clients to continuously test the impact of different outcomes in a ‘risk-free’ simulation environment before they make changes in the real world.
Silico’s range of enterprise data sources provide analysts with insights into business decision making, including financial planning, market forecasts and general optimisation.
Founder and CEO John Hill said: “Silico is on a mission to transform the way enterprises make decisions.
“We have been privileged to have spent time getting to know the team at Join Capital; our values are fully aligned, and we could not think of a better partner to work with as we embark on our next stage of growth.”
As part of the investment agreement, Sebastian Von Ribbentrop of lead investors Join Capital will take a seat on the board at Silico.
“Silico will be the basis for future decision making. Machines are getting much better at automating manual tasks, but they lack the nuance and understanding that humans have,” Von Ribbentrop said.
Founded in 2020, Silico is already working with global enterprises across the banking, telecoms, healthcare and chemicals industries, with clients such as Vodafone.