Business intelligence firm Avora has received a £1.5m cash injection from investors including Crane Venture Partners.
Angel backers Peter Simon, founder of retailer Monsoon; and Steve Garnett, former chairman of Salesforce EMEA.
The London-based outfit, founded by Ricky Thomas, will use the money to expand into the US and hire.
Thomas, also the CEO, said: “The first wave of business intelligence software left many companies with multi-million-pound investments that do not provide a holistic view of company data. Traditional BI [business intelligence] just generates charts, doesn’t tell where you look or help you do your job, there’s nothing intelligent about them.
“With Avora we have created a software service to connect disparate data sources without the massive infrastructure investment and coding knowledge.”
Avora leverages machine learning to consolidate data from multiple sources within an organisation, enabling customers to make informed decisions.
European venture investment reaches all-time high
The company’s AI detects anomalies and trends to alert customers about key changes in their businesses’ metrics.
Garnett went on to note: “Avora is leading the way in delivering Business Intelligence with machine learning as a service, enabling organisations to easily interpret complex insights and drive greater value throughout their business. I am confident this ambitious British company’s innovative approach and its keen focus on customer success will deliver rapid growth in the coming years for them and their clients.”
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