Black Swan Data raises £15.2m in Series B funding led by Oxx to expand US operations
The London data science firm has secured a £15.2m Series B investment led by Oxx alongside AlbionVC.
Black Swan Data uses data science and predictive analytics to forecast consumer behaviour for global brands. The company operates a core software platform called Trendscope to help consumer packaged goods businesses identify emerging trends.
Black Swan Data has secured £15.2m in Series B funding to accelerate its expansion in the United States and enhance its Trendscope software platform. The investment round was led by Oxx, with ongoing participation from existing backer AlbionVC.
The firm applies artificial intelligence to publicly available online conversations, enabling consumer goods manufacturers to track shifts in buying habits and design new products. Major multinational corporations including PepsiCo and Kraft Heinz use the technology to guide product development.
Chief executive Steve King noted that pandemic-driven changes in consumer habits have accelerated the adoption of observational research methods. The fresh capital will be directed towards product development and international growth as the business builds on consecutive years of doubled subscription revenues.
From the founder
"Over the last two years the market research industry has been turned upside down and legacy methods that CPG companies have stuck with for decades became unviable, literally overnight. Believe me, more than anyone, we realise the irony of not predicting that particular black swan event, but the adoption of AI-driven observational research and predictive analytics has accelerated dramatically and this is reflected in the growth of our business. This latest round of funding will allow us to build upon the growth of the last year and significantly invest in our core product, Trendscope, bringing customers new features and usability that enable them to create reliably relevant new products and shape a modern marketing innovation process for the future, particularly at a time when brands need a cost-effective way of continuous product innovation."
Steve King
CEO and Co-Founder at Black Swan Data
Investor perspective
"Black Swan Data sits at the top of the new product innovation process and revolutionises consumer research for global CPG brands. Its Trendscope platform gathers unstructured data from disparate sources, and refines this using proprietary AI technology, to provide both granular and statistically accurate predictions. It’s increasingly becoming the backbone of the consumer insights tech-stack, at a crucial time of change and challenges in the CPG industry. The business has made incredible progress over the last few years, and we at Oxx are delighted to be backing Steve, Hugo and the rest of their excellent team to extend Trendscope’s functionality and expand the business even further into the US market."
Philip Edmondson-Jones
Principal, Oxx
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
About the company
Black Swan Data
Predictive consumer analytics software provider for global brands.