IntelliSense.io strikes gold again with major new funding round
Cambridge AI business IntelliSense.io has triggered a global expansion programme after securing what it calls major investment capital led by German-based BASF Venture Capital (BVC) group. It refuses to disclose how much it has raised.
The money will be used to increase the technology firm’s applications portfolio and support distribution capacity across the world. The round included follow-on participation from a group of UK-based technology angel investors including Dr Steve Garnett and Stephen Kelly.
IntelliSense.io has become a leading provider of Artificial Intelligence solutions for the global mining industry. Customers include mining majors and diversified mining groups.
Founder and CEO, Sam Bose, said: “This is an exciting new stage in the development of the business. In the BASF group we are humbled to have found such a partner.
“We are delighted to have BVC’s support in building a category-leading industrial AI company and the capital raised will be deployed to increase our applications portfolio and support distribution capacity globally.”
IntelliSense.io was supported in the round by Harper James Solicitors. Corporate lawyer Callum Gilliker, who worked on the round, said: “Sam Bose has a clear vision and appetite for taking the company from strength to strength in the future and was instrumental in ensuring that the investment terms fit in with that vision.”
IntelliSense.io brings together some of the finest data scientists, software engineers and industry domain experts across its global offices working on the convergence of AI, Big Data and the Industrial Internet of Things.
Since forming five years ago the company now has large mining customers across the world in regions like Latin America, Central Asia, South Africa and Australia.
The company has been doubling in size for the past three years and is forecasting a minimum 25 per cent compound annual growth rate over the next five years.
The HQ is in Cambridge and the business has an engineering development centre in Barcelona and field teams in Santiago, Chile; Almaty, Kazakhstan and Perth, Australia.