Artificial intelligence activ8’s funding
HR technology company activ8 Intelligence Limited has secured £900,000 of backing
HR technology company activ8 Intelligence Limited has secured £900,000 of backing in order to continue its growth.
The funding comes from a syndicate of investors led by the East Midlands Regional Venture Capital Fund, which has itself added £250,000 to the pot.
The company uses artificial intelligence to improve a company’s recruitment and performance management and has won awards from the Department of Trade and Industry and BT.
Clients include companies such as Legal and General which purports to have saved as much as £10m over the course of three years by using activ8’s systems.
The company was founded two years ago by Laurence Collins and Mathew Lymbery, who were both previously directors of HR company Ceridian.
“The time has now arrived for human capital management to enter the mainstream of business risk planning,” Collins said.
“By using our unique predictive technologies as a catalyst for more intelligent and commercial oriented conversations our HR clients can finally demand a seat at the top table of strategic discussion.”
Catapult Venture Managers, who manage the East Midlands Regional Venture Capital Fund, has added former Egg chief executive Paul Gratton and Richard George to the board.
Gratton said: “The technologies and innovations developed by activ8 represent the most exciting developments in HR for decades.
“They recognised that clients were demanding more value for money from their HR function and decided to set up their own company to meet that need.”
The Royal Bank of Scotland provided bank funding as part of the transaction.
Berrymans and Browne Jacobson advised Catapult and the company respectively.
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