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Cambridge-based AI startup techspert.io secures $12M funding to expand into new verticals

There is a huge volume of online data, information and misinformation and it is growing exponentially at a great speed as the markets evolve consistently. Eventually, it becomes highly challenging and vital for businesses to get rapid insights that they need to make smart decisions.

Cambridge-based AI technology innovator techspert.io connects businesses with experts for domain-specific industry insights. Now, the company announced that it has secured $12 million (nearly £8.8 million) in a funding round led by BGF, the most active growth capital investor in the UK and Ireland and existing investor Nauta Capital.

Expansion plans

techspert.io will use the new investment to transform the platform, expand into new expertise verticals including consumer goods, technology, media, and telecommunications, and enable customers to get instant expert recommendations. Also, it will provide experts with a more convenient way to manage their expert engagements.

David Holden-White techspert.io CEO & Co-Founder said: “We founded techspert.io after experiencing the pain points and inefficiencies in connecting to experts for product development and investment needs in the healthcare sector. We’ve made great progress developing a platform that delivers value for both customers and experts and we are excited for the next phase of growth.”

Mike Adam, techspert.io Chairperson, who is also investing in this round, added: “We are incredibly pleased to have BGF on board as a long-term partner for our business. They share our aspiration to empower decision-makers in businesses of all sizes with precise, on-demand access to the best domain knowledge experts worldwide. We look forward to embarking on the next phase of the journey with them as we strive to have a significant impact in the global knowledge economy.”

Mark Nunny, investor at BGF, said: “We have tracked techspert.io’s achievements over the past 24 months and been impressed that it has hit its technical and commercial milestones. Its technology platform automates the mapping and categorisation of knowledge and experts, while connecting them to consulting firms, private equity houses and corporates. techspert.io is unique in the industry as it addresses the problem of intensive human capital that is required in the traditional search process. The business delivers better experts, more efficiently and we are delighted to back David and his team at the next stage of growth.”

Massive growth

Since last year, techspert.io has roped in many customers from across industries such as thealthcare, investment, private equity, advertising, consultancy, and corporate sectors. Also, it has forayed into the energy and industrial sectors. In 2021, the company already expanded its team to over 50 and has increased its global footprint by opening a new office in Houston, Texas as it focuses on international expansion. Notably, techsport.io has a growth rate of over 150 percent year-on-year.

The post Cambridge-based AI startup techspert.io secures $12M funding to expand into new verticals appeared first on UKTN (UK Tech News).

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