Saturday, October 24, 2020

Northampton company raises £700k to aid roll-out of AI assistants

A Northampton company which develops conversational assistants capable of manning helpdesks and answering technical enquiries has raised £700,000 to help scale up its operations.

Humley secured the investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF), Mercia’s own EIS funds and a private investor.

The funding, which follows an earlier round by private investors, brings the total raised by the company to £1.4m and will allow Humley to grow its customer base and revenue ahead of a planned Series A funding round next year.

Humley was established in 2017 as a spin-out from mobile payments provider Infomedia, where it was developed to support customer service. Its technology is now in use by a number of large corporates and has been taken up by two of the UK’s leading advisory firms who are deploying it within client companies.

Adam Harrold, CEO of Humley, said: “This investment round represents a significant endorsement of our technology. The conversational AI market is very noisy with many big players. Our unique approach has made us the platform of choice for many global players and has allowed us to roll out our technology. This investment enables us to further establish ourselves in the market as a leading provider of conventional AI for enterprise and take the business to the next level.”

Stephen Windsor at Mercia, added: “Conversational AI assistants are a cost-effective way for companies to deliver high quality, 24/7 customer service across a range of channels. We were impressed by Humley’s platform which is much easier to use, quicker to deploy and more cost-effective than its competitors. We are excited to be supporting Adam and the team as they scale up the business ahead of the next investment round.”

Ken Cooper, Managing Director at the British Business Bank, said: “Supporting innovation is one of the key objectives for the Midlands Engine Investment Fund.  This investment will enable the firm to continue on its growth trajectory and I’d encourage other SMEs in the Midlands that are looking to grow to also consider the options available through the MEIF.”

Vicky Hlomuka, Growth Hub Manager at the South East Midlands LEP, said: “Humley has shown that innovative businesses can grow and develop at a quick pace. It is important that these businesses in our area have the opportunity for investment to grow and innovate further. It is great to see the investment from the Midlands Engine Investment Fund support them in their journey to further scale up.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

Derbyshire e-commerce firm secures grant for £74k solar energy initiative

A Chesterfield e-commerce firm has committed to a project worth £74,000 to power its operations and reduce its carbon footprint. Xbite has been awarded a...

Nottinghamshire tech company secures £250,000 investment

A Nottinghamshire-based technology company responsible for developing laptop monitors to help businesses increase the productivity of staff working remotely has secured a £250,000 investment. Dovetail...

Decline in manufacturing activity slows from July slump but remains weak

Output volumes in the three months to October fell at their slowest pace since March 2020, according to the latest CBI quarterly Industrial Trends...

Chancellor increases financial support for businesses and workers

The government has announced it will increase its winter support schemes to ensure livelihoods and jobs across the UK continue to be protected in...

Celebrate the property and construction industry at the virtual 2020 East Midlands Bricks Awards

On Thursday 29th October 2020, the successes of the region's property and construction industry will be placed in the spotlight at the virtual East...

Related news

£1.6m funding for Nottingham developer transforming care home into residential apartments

Paragon Bank has provided a £1.6 million development finance loan to Nottingham-based developer, Hockley Developments Ltd, for the conversion of a care home into...

Derbyshire e-commerce firm secures grant for £74k solar energy initiative

A Chesterfield e-commerce firm has committed to a project worth £74,000 to power its operations and reduce its carbon footprint. Xbite has been awarded a...

Nottinghamshire tech company secures £250,000 investment

A Nottinghamshire-based technology company responsible for developing laptop monitors to help businesses increase the productivity of staff working remotely has secured a £250,000 investment. Dovetail...

Decline in manufacturing activity slows from July slump but remains weak

Output volumes in the three months to October fell at their slowest pace since March 2020, according to the latest CBI quarterly Industrial Trends...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close