The funding round was led by Cherry Ventures and Seedcamp with participation from a roster of angels.
"The problem with benefits is clear: while they are meant to attract, engage, and ultimately drive productivity, the status quo doesn’t lead to desired outcomes. Our software platform allows companies to load funds and set individual spend rules on how these can be used. Employees are then able to choose from group benefits, such as private medical insurance, mental wellbeing services, or dental plans, while a real per-employee Mastercard opens the door to pretty much any product or service in a tax-efficient and compliant way. It’s a win-win: Employees get tailored benefits, and companies only pay for what’s used, take advantage of tax exemptions and preferred pricing, while streamlining the administration."
The digital twin pioneer raised the capital from existing backer Mercia and the government Future Fund to prepare for commercial launch.
"David and his team have won international recognition for their work and their platform opens up new possibilities for businesses in areas such as construction, transport and logistics, product development and manufacturing. We are pleased to be able to fund them once again to help them launch their product into the market."
Northstar Ventures and angel investors back Durham information security software provider.
"According to IBM, the average cost of a data breach in 2020 was £2.9 million. Yet most businesses are left with inefficient, costly and paper-heavy manual processes to manage this risk."
The financing round was led by IQ Capital with participation from Hambro Perks and Ascension Ventures.
"This latest round of investment is a great recognition of our customers' success through our breakthrough AI and a product focused approach. With our existing investors reaffirming their support of the company and new investors with vast experience in the life sciences industry coming on board, we are on course to achieve our core mission of improving patient outcomes through a highly profitable and sustainable business model. In the past 12 months, the company has grown 15 times through the successful deployment of PIE in the biopharmaceutical industry, partnerships with healthcare data providers and significant contributions to peer review publications, which demonstrates that we are leading in this sector. This funding will accelerate this success by providing the resources to strengthen the team, explore new use cases, and expand into new markets."
CarVal Investors provided the funding and took a seat on the board as the cleantech company targets global markets.
"We are delighted to have completed our investment in Social Energy and are very much looking forward to helping to support their ambitions over the coming years."
