Growth Intelligence has successfully closed a £1.7m investment round. The company received multiple offers with the round being led by 24Haymarket. Existing investors, including MMC Ventures, also participated.

Founded in 2013, Growth Intelligence uses artificial intelligence to help high profile brands, including American Express, FedEx, Western Union, iZettle and Vitality Health, target their direct marketing activity to businesses that are most likely to buy.

The AI Platform combines records of a client’s previous successful and unsuccessful marketing attempts with Growth Intelligence’s own proprietary data gathered from the digital footprint of every company in the economy, to train an AI for each client. The AI then serves up recommended future clients and advice on how to approach them. It allows sales and marketing teams know who will buy, who will be most valuable, when should they attempt to contact them and what to say when they do.

Growth Intelligence reached profitability early in 2018 and has tripled recurring revenue year-on-year. The company will use this funding to invest in its AI Platform – building new AIs to solve additional challenges faced by B2B marketers. The company will be investing heavily in data science, engineering and commercial talent.

With demand for Growth Intelligence’s sales and marketing AIs strong and growing, 2019 will see continued triple-digit growth. Growth Intelligence also plans to bring on board leading commercial and technical executives this year. Andy Robertson, Martin Brown and Stuart Dawson will be joining the Board as part of the investment.

Paul Tselentis, CEO of 24Haymarket, said: “24Haymarket are thrilled to invest in Growth Intelligence. We have been tracking the company’s progress and its unique approach to improving the productivity of B2B sales and marketing processes for two years.

“There is an exciting market opportunity ahead of them, as businesses embrace functional AI offerings. We look forward to applying our network to support the team on the next phase of their growth journey.”

Alan Morgan, Chairman, MMC Ventures, added: “Growth Intelligence is one of a small number of companies using AI to deliver true predictive marketing. We are happy to announce our continued support for the business and look forward to working with Tom, Prash and 24Haymarket in the next phase of their growth.”