Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

AI Startup Autologyx Secures £1.5M in New Round

Autologyx, a London-based startup that leverages Artificial Intelligence to automate business processes, has raised £1.5 million in a pre-Series A investment round led by Beacon Capital.

The round was also backed by Angel CoFund and Richard Hargreaves, which are now going to join the company’s board as non-executive directors.

Launched in 2011, Autologyx is a Software as a service company which has specialised in so-called “robotic process automation”—an emerging technique harnessing AI to speed up the completion of clerical tasks. The company’s Fabric Automation platform makes use of machine learning and AI to help enterprises enhance their legacy systems.

According to Crunchbase, the company has raised about £4 million in funding so far.

“Many companies are just beginning to explore robotic process automation  technology and realise it has far more benefits than simply cost savings. We see that RPA not only enables teams to focus on the more ‘strategic’ parts of their roles but also allows them to catalyse and implement Innovative ideas resulting in rapid and inexpensive trialling of new concepts such as gamifying employee engagement programmes,” Autologyx CEO Ben Stoneham said in a statement.

“We are making process innovation a reality for clients and a perfect example is where we deployed our platform with machine learning to deliver a cutting-edge solution for a globally renowned law firm to improve the triage process of legal matters at scale.”

AngelCoFund investment director Tim Mills also commented on the round: “Autologyx is using robotics – machine learning and artificial intelligence – to automate everyday business processes and therefore make companies more efficient. This is truly the stuff of the future, and an exciting prospect for any investor looking to be a part of the next wave of business innovation,” he said.

“The interest the company has garnered from investors is credit to its pioneering position in the space and we’re delighted to be on board with Autologyx for this exciting stage of their journey.”

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