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Growth Intelligence raises $3.4m to fund development

Growth Intelligence, a firm which crunches web-scale data to predict who your next clients will be, has raised $3.4m to invest in hiring data scientists and engineers.

Google, BT, Lloyds Banking Group and American Express all use Gi to identify companies to target in advance.

Gi’s software as a service platform uses machine learning with big data on millions of firms to predict which businesses will respond to a marketing approach.

Backers include 83 North (formerly Greylock Israel), MMC Ventures, Paul Forster, founder of Indeed.com (sold in 2012 for $1bn) and early Google employee and chief economist Hal Varian, together with John Taysom, an early investor in Yahoo! and 18 other subsequent IPOs.

As well as new staff, Gi plans to use its first investment round to boost client ROI and support algorithm development as it seeks to build on strong early revenue growth. Alan Morgan from MMC and Paul Forster will join the board.

Tom Gatten, founder and CEO at Gi, said the investment marked a milestone moment for the firm:

“This investment is an exciting milestone for Growth Intelligence and will enable us to further develop our Predictive Marketing platform.

“Being able to predict whether a deal will close before you contact a prospect dramatically increases the efficiency of our clients’ marketing. We’re proud to be taking Predictive Marketing to the world with such a distinguished team around us.”

Simon Menashy at MMC Ventures added:

“This sort of predictive technology is a whole new concept for the marketing industry and it’s already winning over some impressive customers.

“MMC backs ambitious entrepreneurs and potential market leaders, we’re excited to be working with Gi.”