Inicio AI raises £2.6m in seed funding to expand affordability assessment platform.
The funding round was backed by Midven, Rigby Group, and Haatch Ventures.
Inicio AI provides an online platform that uses conversational AI to streamline customer affordability assessments for organisations.
Inicio AI has secured £2.6m in seed funding to expand its operations and develop its conversational platform. The round was backed by a coalition of investors including the West Midlands Co-Investment Fund, Rigby Group, and Haatch Ventures. The new capital will be directed towards enhancing technology and growing the team at its West Midlands headquarters.
The funding follows the company's recent victory in the OneToWin pitch competition. Inicio AI deploys an interactive virtual agent named Budgie to handle income and expenditure assessments for lenders and consumers in financial distress.
From the founder
"This investment, coupled with our success in the OneToWin competition, marks a significant milestone in our mission to revolutionise affordability assessments. With this funding, we can expand our team, enhance our technology, and bring our innovative solutions to a wider market. It’s hugely rewarding to be able to improve the financial well-being of individuals whilst also increasing efficiency for creditors."
Rachel Curtis
CEO at Inicio AI
Investor perspective
"Growing our economy is a top priority for me but local companies need investment if they are to innovate and expand. That’s why our Co-Investment Fund was set up – to invest in innovation so that forward looking businesses can grow and prosper, creating valuable jobs for local people. Inicio is a great example of a West Midlands business that with the right support, has been able to get established and launch an innovative product that can make a real difference to people’s lives. By investing in homegrown talent like this we can drive further innovation and our industries of the future."
Richard Parker
Mayor of the West Midlands and WMCA chair, West Midlands Combined Authority
Use of funds
- 01Grow the team
- 02Continue product development
Investors
West Midlands Co-Investment Fund
Rigby Group
Haatch Ventures
Morgan Stanley
Angel Academe
Mint Ventures