A Cambridge-based AI company has received $24m from a range of investors which brings the company’s valuation to $100 million.
Prowler.io received the investment in a funding round led by Chinese tech giant Tencent, with participation from publishing company Pearson, Amadeus Capital Partners, Atlantic Bridge, Cambridge Innovation Capital, Mandatum Life, Passion Capital, RB Capital and Singapore Innovate.
The startup was founded by mathematicians and engineers from Cambridge University in 2016. It now boasts 110 employees from 29 countries.
The business combines branches of mathematics, engineering and economic theory into its AI models. It previously raised €10.9 million in 2017 and has been named as one of BusinessCloud’s ‘51 Tech 1sts’.
The start-up’s platform VUKU offers autonomous decision making for businesses operating in the financial markets, transportation & logistics, ridesharing, smart cities and robotics.
The new funds will be used to support the growing firm’s recent product expansion as it moves into new industries including finance, logistics and education.
“This investment is a huge sign of confidence in our efforts to be at the forefront of how enterprises use machines,” said Vishal Chatrath, CEO of PROWLER.io.
“Having initially focused on developing our AI platform, we are excited to be expanding our product offering into new verticals, underscoring the flexibility and innovative nature of our core technology.
“We’re excited to be supporting global corporate and financial leaders like Mandatum Life, Pearson, RB Capital and Tencent with AI tools that enable people to make better decisions.”
Lauri Vaittinen, SVP at Mandatum Life added: “PROWLER.io is on its way to becoming a true enterprise AI platform — successfully expanding from its initial focus on financial services and logistics to apply its core AI technology to multiple adjacent market segments.”
“We are confident that the strategic partners, alongside the existing funding support, will help the company accelerate practical implementations – including hiring more engineering talent, operational managers and reinforce the product development expertise.”