An early-stage investment fund managed by Mercia Ventures and part of the Midlands Engine Investment Fund that backs startups such as BlueSkeye AI and Nuvision.
The MEIF-backed round will support the roll-out of digital tools for car dealerships.
"The shift from car sales to leasing and other market trends are driving the need for efficiencies. Our platform helps dealerships to streamline their processes, allowing them to monitor the performance of their sales and marketing operations and source the right number of vehicles to meet demand. We believe Wayroo could be a key step in building a digital ecosystem which would eventually link suppliers and transform the automotive industry."
The funding was secured from the MEIF Proof of Concept and Early Stage Fund alongside the Future Fund and existing backers.
"The ability to continuously monitor and predict corrosion onset will not only change the way industry approaches inspections and maintenance, but it will also reduce risk and save time and money. CorrosionRADAR is leading the way in using advanced digital technologies to respond to this global challenge and will continue to achieve its ambitious growth plans."
The Leicester software developer raised follow-on capital from regional funds and government backing to expand its team and global reach.
"Financial services are one of our key industries here in Leicester and Leicestershire, so I’m very pleased that the MEIF was able to support a business that is taking an innovative approach to helping businesses manage profitability. The LLEP is committed to supporting our businesses through COVID-19, so it’s great to see such a streamlined solution to rebates that will be of great benefit to the wider business community."
— Kevin Harris, Chair of the Leicester and Leicestershire Enterprise Partnership Board of Directors
The Northampton-based conversational assistant developer raised the capital from backers including Mercia and the Midlands Engine Investment Fund.
"This investment round represents a significant endorsement of our technology. The conversational AI market is very noisy with many big players. Our unique approach has made us the platform of choice for many global players and has allowed us to roll out our technology. This investment enables us to further establish ourselves in the market as a leading provider of conventional AI for enterprise and take the business to the next level."
The financing round was supported by 24 Haymarket and Mercia to fund regional expansion and product development.
"There is a wealth of technical talent in the Midlands, which is clear from the leading research that repeatedly comes out of the region. We are clear at CyberOwl that we need to go where the talent is. We were born out of research at Coventry University and are excited about the prospect of building up a research and development base in the MIdlands."
