FeedStock has secured £2.5m funding.
The London-based AI-driven SaaS company leverages the technology of natural language processing to allow financial services companies to meet compliance requirements and commercial objectives.
Co-founders and joint managing directors Charlie Henderson, a former corporate broker, and Lucas Wurfbain, a former fund manager, operate across multiple jurisdictions with US, European and UK clients.
Praetura Ventures has invested £ 1.8 m from its Praetura EIS 2019 Fund in FeedStock while current investor Illuminate Financial and a number of angel investors as well as Force Over Mass contribute £ 700,000.
FeedStock co-founder Charlie Henderson said:
"With our background in highly regulated businesses, we are seeing enormous appetite for our proprietary technology; not only from businesses required to comply with MiFID II, but also for enterprises that are looking to leverage AI as a core component of their business for efficiency gains and revenue generation.
Financial services firms recognise that investing in their compliance and technology is key to winning and retaining customer and investor confidence. These firms also understand the importance of analysing data to enable smarter decisions to be made before their competitors.It's clear to us that the Praetura Ventures team understands the opportunities and challenges in our sector as well as the potential of where we can take the business.'
"Their entrepreneurial and proactive approach resonates with our values and will help us to deliver our growth strategy successfully. We look forward to working closely with them.
FeedStock's leading app, Cortex, scans emails and chat sources automatically, as well as calendar events and data portals to ensure adherence to investment research regulations.
Last year, FeedStock launched Synapse, a tool that analyses the real-time interactions of a business with customers to provide feedback for Next Best Action and automate the entry of CRM data.
The funding would allow FeedStock to speed up the delivery of its products, increase its team size and expand into new markets.
The investment is the tenth for Praetura Investments in the last six months, with a total of £ 12.6 m invested since June in early-stage companies. FeedStock is the third AI-focused company in the portfolio of Praetura Ventures, following investment in Peak and Futr.
As part of the deal, Praetura Ventures director Mark Lyons will join the board as a non-executive director of FeedStock.
Mark Lyons, Praetura Ventures ' director, said:
Our support for FeedStock fits well with our strategy of investing in exciting businesses led by teams of entrepreneurs with experience in high-value sectors. AI is beginning to change financial services in a positive way. The most forward-thinking businesses understand that proprietary software such as FeedStock's will be at the core of their future business models.
We were extremely impressed with the experience and vision of Charlie and Lucas and are confident that the business will achieve its ambitious growth targets with our support. They have developed a world-class product with considerable momentum and we are very excited about what the future holds for the "business.
Other high-profile Praetura Ventures-backed companies include the AI and machine learning company, max, and online delivery platform, Sorted.
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