SwiftKey raises $17.5m Series B funding led by Index Ventures and Octopus Investments
Keyboard app specialist to expand product portfolio and accelerate global roll-out
London-based language technology start-up SwiftKey has completed its second round of funding securing $17.5m (£11.3m) in a deal led by Index Ventures and existing investor Octopus Investments.
Launched in 2008 by 2012 Young Guns Dr Ben Medlock and John Reynolds (pictured), SwiftKey is famous for its keyboard app which uses artificial intelligence and natural language processing to make typing on touchscreen devices faster and more accurate.
In 2012 it was the top-selling paid app on Android’s Google Play store and remains Google Play’s top global bestseller.
With existing offices in San Francisco and Korea it plans to utilise the deal, which involved backing from a number of angel investors, to accelerate product roll-out in both the US and internationally and sees CEO Reynolds relocate to its American office to oversee operations.
It will also use the finance to fuel further product development in order to expand its technology offering.
The deal follows a series of rapid growth for the language firm after completing a $4m (£2.5m) Series A funding-round in 2011 and recently tripling its employee numbers to 100.
Reynolds commented on the announcement: “Smartphones and tablets are revolutionizing the way we communicate – but there’s still so much potential for innovation and we’re determined to lead the transformation of this space.
“This major finance round enables us to aggressively pursue that vision, breaking new ground with our world-class language technology.”
Martin Mignot, partner at Index Ventures, added: “As a huge global commercial hit, SwiftKey’s world-beating technology and astonishing growth rate means the team is now perfectly positioned to take the US market by storm. We see every indication that they will succeed in a very big way.”