Video analytics firm bags six-figure investment
A technology company which provides video analytics for the likes of Microsoft, Tesco and Verizon has secured a six-figure investment from Mercia Technologies.
Birmingham-headquartered Voxpopme has developed a video analytics platform which provides companies with a deeper understanding of their customers’ attitudes and opinions, including the use of facial expression analysis.
Founded in 2013, the business has scaled quickly, growing to 38 people with offices in Birmingham, Salt Lake City, Sydney and London.
The £1m funding will support the firm’s international growth plans, particularly in the US.
"With our cutting-edge technology, deep industry knowledge and international footprint, Voxpopme has built a fully functioning platform to support accelerated growth," said co-founder and CEO Dave Carruthers.
"It is personally gratifying to see a high-quality investor such as Mercia join our share register ahead of what, we believe, will be a period of significant commercial progress.
"We look forward to continuing to develop our partnership with Mercia, which has shown great confidence in our disruptive approach."
Mercia said the investment is part of its growth strategy of backing innovative, young tech companies which have demonstrated their ability to expand internationally by securing a blue-chip international client base.
The deal gives the group a direct equity holding of 12.3 per cent in the business.
Dr Mark Payton, chief executive of Mercia, said: "Having worked closely with Voxpopme, we have seen the business grow rapidly both in Europe and the US. We are pleased to continue to support Voxpopme as it joins our direct investment portfolio of 'Emerging Stars'.
"This is another example of the Mercia Model sourcing and scaling a high-quality technology business from the UK regions that we firmly believe will become a successful, valuable international businesses delivering meaningful shareholder returns over the medium term."