Edinburgh augmented intelligence startup Brainnwave closes £6M funding
Headquartered in Edinburgh, Brainwave, an augmented business intelligence firm delivers game-changing insights through data, thereby helping clients transform their businesses. It has announced that it closed $10.2 million (nearly £6 million) with Hatch, which is one of the most prominent engineering, professional and project management service firms in the world.
The Series A funding will unlock a plan to grow Brainnwave’s headcount by 100 people in new, highly skilled roles, while in parallel upscaling the firm’s Edinburgh and London locations.
Alim Somani, managing director of Hatch’s Digital practice said: “We know our clients are facing tremendous challenges and need solutions now, not years from now. Our partnership with Brainnwave helps us develop practical, innovative solutions for our clients’ challenges and accelerates our ability to deliver them quickly so that our clients can begin to reap the benefits.”
Steve Coates, CEO and co-founder of Brainnwave, added: “This partnership made sense because both organisations are like-minded in their entrepreneurial approach, willingness to do things differently and challenge the status quo, and propensity to develop game-changing solutions. This co-venture was the ideal opportunity to combine Brainnwave’s unique tech stack and expertise with the deep industry relationships and sector expertise of Hatch to build things together, tackling some of today’s most important issues.”
Co-venture to fix climate change
These two firms have created a co-venture that will focus on developing applications and products using the machine learning and AI-powered analytics platform of Brainwave and the deep knowledge of metals and mining, energy and infrastructure sectors of Hatch.
This co-venture will let Hatch to fulfil its digital ambitions and boost its digital practice by helping in the development and deployment of digital solutions. The company will get access to clients worldwide.
Brainnwave’s augmented business intelligence solution, which is already used by organisations such as William Grant & Sons, Aggreko, and Metropolitan Thames Valley, combines data exploration and visualisation to rapidly improve decision-making capabilities. Its customised software solution enables the sourcing and aggregation of unlimited data combined with bespoke or industry reference machine learning algorithms and AI to help businesses unlock unrealised value in data, preparing them for a digital future.
The co-venture will initially focus on creating solutions to target two of the world’s most pressing issues: climate change and urbanisation. Utilising the Brainnwave platform, Hatch will be able to give organisations the power to put their plans into action and have a positive impact on the future of the planet.
The new platform will also play an integral role in helping governments globally to plan for a more sustainable future in the face of population growth, economic disparity, and climate change. Brainnwave will give local authorities the ability to dig deeper into their data, uncover actionable insights, and build economic development plans that will have a lasting impact on their communities for years to come.