29 Mar 2022
Tech-focused investment bank ICON Corporate Finance has acted as adviser to Relative Insight, the rapidly growing AI based text analytics software platform, on a ScaleUp funding round from YFM Equity Partners, through the British Smaller Companies VCTs, which has been raised to accelerate product development and drive US expansion.
As the volume of text data - surveys, reviews, social, customer experience (CX) and voice of the customer (VoC) - rapidly increases, crucial insights can be harvested by decision makers if analysed quickly and easily.
Relative Insight’s AI based text data analytics platform delivers high-value insights for digital marketing, consumer analytics and customer experience by using pioneering analytic techniques to identify the critical nuances in consumer language and changes over time, across different demographics and geographies, to explain market trends, customer service issues, product opinions and marketing campaign effectiveness.
With offices in London, New York and Lancaster, Relative Insight has a growing international client list including leading global companies such as Sky, Nespresso, Starbucks, General Mills, MetLife, and Sony. This investment from YFM will enable Relative Insight to further grow its customer base as well as continuing to develop the platform to provide greater customer insights and data integrations for its clients.
Eddie Harding, Partner at ICON, commenting on the deal said: “We’re delighted to have advised Ben and the team on this transaction and were not surprised by the strong level of interest we received from investors. Relative Insight’s highly innovative AI-based software generates significant value for its clients, and the company is now at a very exciting stage in its growth plan. YFM’s funding will help Relative Insight to ScaleUp its operations considerably, particularly in the US where there is significant market potential.”
Ben Hookway, CEO of Relative Insight added: “With an ever-increasing amount of data available to businesses, many are struggling to make sense of this valuable information. This can prove vital in understanding what is causing business outcomes, and what can be done to change them. Our platform is able to rapidly analyse millions of words and compare them across a range of variables to highlight the critical differences in consumer language, helping to explain market trends, customer behaviour and provide actionable insight including making communication more effective with target audiences.
“Having seen rapid growth over the last four years, the business is now embarking on the next stage of its journey as we expand in the US. We believe that YFM is the ideal partner to support us. As well as having an established track record scaling SaaS businesses, they have a real understanding of our market and are a great fit culturally - we like the team and are confident they will add real value.”
YFM has a growing national portfolio of software and tech businesses, including data transformation software company Matillion and innovation intelligence provider Vypr.
Dan Freed, Partner at YFM, said: “Data and text analytics is a rapidly expanding market and one with huge potential given the ever-increasing demand for improved business intelligence, and customer insights. The Relative Insight platform is a compelling proposition helping companies to understand why things happen. The heritage of the business resonates with us, and we believe it is a best-in-class platform led by an experienced and very impressive management team.”