Wordnerds Raises £1.6m to Advance AI Technology
Deal News | Dec 13, 2024 | Business Cloud
Wordnerds, a Gateshead-based software company, has raised £1.6m to enhance its AI-driven technology that interprets unstructured text data. Partnered with organizations like Sainsbury's, M&S, and the Department for Work and Pensions, Wordnerds processes massive customer feedback to help businesses understand the root causes of customer issues in real-time. The funding comprises contributions from Northstar Ventures' funds and early-stage investors, complemented by a £521,000 Innovate UK grant. This investment will support Wordnerds’ expansion and product development, helping it to scale its commercial operations.
Sectors
- Software
- Artificial Intelligence
- Investment Management
Geography
- United Kingdom – Wordnerds is based in Gateshead, UK, and the investment involves UK-based funds like Northstar Ventures.
- European Union – The European Regional Development Fund supports the North East Innovation Fund, contributing to Wordnerds' financing.
Industry
- Software – Wordnerds is a software company focusing on AI technology to process unstructured text data.
- Artificial Intelligence – The primary focus of Wordnerds' technology is AI-driven analysis to generate insights from customer feedback.
- Investment Management – Northstar Ventures and other investors are providing financial support to Wordnerds, indicating involvement in investment management.
Financials
- £1.6m – Total investment raised by Wordnerds.
- £720,000 – Investment from Northstar Ventures, split between the EIS Growth Fund and North East Innovation Fund.
- £521,000 – Grant received from Innovate UK’s Future Economy Investor Partnership programme.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Wordnerds | Target company | Company | A Gateshead-based software firm specializing in AI to understand unstructured text. |
| Northstar Ventures | Investor | Company | A UK investment firm providing financial support to innovative companies. |
| Innovate UK | Grant provider | Government | The UK’s national innovation agency supporting business tech development. |
| Pete Daykin | CEO | Person | CEO of Wordnerds, leading the company’s business and product development. |
| Tom ONeill | Investment Manager | Person | An investment manager at Northstar Ventures involved in funding Wordnerds. |
| Stephen Zinser | Investors | Person | Early-stage investor contributing to Wordnerds' funding. |
| Leigh Cresswell | Investors | Person | Early-stage investor contributing to Wordnerds' funding. |