Techspert, the AI technology innovator connecting businesses with experts for domain-specific industry insights, announces today that it has closed a $12 million investment round led by BGF, the UK and Ireland’s most active growth capital investor and existing investors Nauta Capital, a Pan-European Venture Capital firm.
UK and US-based Techspertians meeting for the first time to celebrate 2021 and all its achievements.
The volume of online data, information and misinformation is growing exponentially, as is the speed with which markets and products evolve. It is therefore increasingly challenging and important for businesses to cut through all the noise and get the rapid insights they need for smart decision making.
Based in Cambridge, UK, Techspert maps and predicts expertise across over 200 million experts worldwide, using a knowledge graph covering millions of expertise areas. This enables businesses to access expert insight more rapidly, precisely, and conveniently than ever, whether they need to understand the treatment landscape for a rare disease or the latest application of drones in agriculture.
Currently growing at >150% year-on-year, Techspert will use the new investment to transform their platform, expanding into new expertise verticals including consumer goods, technology, media, and telecommunications, as well as enabling customers to get instant expert recommendations, and providing experts with a more convenient way to manage their expert engagements. The business will also be growing their international project management team and business development teams to scale their operations and ensure that results are delivered effectively, with a high level of service.
David Holden-White Techspert CEO & Co-Founder said: “We founded Techspert after experiencing the pain points and inefficiencies in connecting to experts for product development and investment needs in the healthcare sector. We’ve made great progress developing a platform that delivers value for both customers and experts and we are excited for the next phase of growth.”
Mike Adam, Techspert Chairperson, who is also investing in this round, added: “We are incredibly pleased to have BGF on board as a long-term partner for our business. They share our aspiration to empower decision-makers in businesses of all sizes with precise, on-demand access to the best domain knowledge experts worldwide. We look forward to embarking on the next phase of the journey with them as we strive to have a significant impact in the global knowledge economy.”
Mark Nunny, investor at BGF, said: “We have tracked Techspert's achievements over the past 24 months and been impressed that it has hit its technical and commercial milestones. Its technology platform automates the mapping and categorization of knowledge and experts, while connecting them to consulting firms, private equity houses and corporates. Techspert is unique in the industry as it addresses the problem of intensive human capital that is required in the traditional search process. The business delivers better experts, more efficiently and we are delighted to back David and his team at the next stage of growth.”
Over the past 12 months, techspert.io has onboarded many customers from across the healthcare, investment, private equity, advertising, consultancy, and corporate sectors, and expanded into the energy and industrials sector. During the year, the team grew to over 50 people, and the company increased its global footprint with the opening of a new office in Houston, Texas as the business continues its international expansion.
Techspert was born out of the frustration felt by the founders, Graham and David, during their time working in investment funds and healthcare companies respectively, where they faced challenges in identifying who the real world-leading experts were in niche but rapidly evolving fields. Teaming up with computer scientists, they began applying AI and machine learning to redefine the way knowledge and expertise are identified and accessed globally. The team has grown to include creative, innovative, and ambitious professionals from many disciplines, working together to build a platform that understands the world's knowledge, connecting our customers to precisely the right expertise every time.
BGF was set up in 2011 and has invested over £2.5bn in more than 400 companies, making it the most active growth capital investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 16 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2020, Australia did the same, both based on BGF’s approach and funding model. See: www.bgf.co.uk.
Part of BGF’s investment in Techspert comes from its recently launched UK Enterprise Fund (UKEF) established alongside Coutts, the private banking arm of NatWest, to provide clients with access to privately held, disruptive and diverse companies that are revolutionizing their industries.
About Nauta Capital
Nauta Capital is a pan-European Venture Capital firm investing in early-stage technology companies, with offices in London, Barcelona. and Berlin. With over half a billion assets under management and a team of 24 people, Nauta Capital is one of Europe’s largest B2B focused VCs.
As a sector-agnostic investor, Nauta’s main areas of interest include B2B SaaS solutions with strong network effects, vertically focused enterprise tech transforming large industries as well as those leveraging deep-tech applications to solve challenges faced by large enterprises. Nauta has backed more than 60 companies across Europe and exited 12.
Sam Mabaso is Associate Director of Marketing at techspert.io and leads the company’s marketing function. Sam holds a Master’s degree in Media Studies from the University of Cape Town and has more than 8 years of experience in marketing.