There are data and dreams in London and Belfast with CloudNC, Stotles, Sonrai Analytics and Oneiro Solutions nabbing tech funding.
CloudNC, an AI-powered precision manufacturing provider, has got $45 million (£37 million) in a Series B funding round.
Stotles, a startup providing a platform for public sector sales, has raised a $6.5 million (£5.3 million) seed round led by Headline.
Sonrai Analytics, an AI cloud data analytics company, has announced a ‘seed plus’ funding round of £2.175 million.
Oneiro Solutions, a fintech platform that digitalises and automates the syndicated loan servicing process, has raised £1.1 million in its seed funding round.
CloudNC Gets Arty
London-based CloudNC says the investment was led by Autodesk, with Lockheed Martin and British Patient Capital participating alongside returning investors Atomico and Episode 1 Ventures.
The tech company perceives precision manufacturing as a “dark art”, and one that is reliant on “incredible skill that is fast disappearing”. The firm naturally sees it as a necessity as such a skill is used in cars, phones, electronics, aircraft, defence equipment, agriculture, etc. With that view in mind, CloudNC wants to make manufacturing fully autonomous.
Its software enables users to upload a 3D model of any part and autonomously determine the tools needed, how they will be used, and draft the code to tell a CNC machine how to make it. The firm will release this software beyond its own factory in Essex and roll it out over the next 12 months.
Autodesk and Lockheed Martin are two notable backers. For example, with Autodesk, manufacturers will be able to use CloudNC’s software in their own factories to produce parts.
Some of the new Series B capital will be used to scale its operations and for new recruits.
Stotles Plays the Part
London-headquartered Stotles was founded in 2019 and builds technology for the business-to-government market. The latest round brings its total funding to over $9 million (£7.3 million). Investors include SpeedInvest, Form Ventures, GTMFund, FJLabs, 7Percent, Seedcamp and a number of angels.
Its name is inspired by Aristotle, who famously said: “The whole is greater than the sums of its parts.”
The tech startup’s product includes a personalised feed, integrations (e.g., MS Teams, Slack), data-driven buyer profiles and info on “decision maker contracts”.
With the funding round, Stotles plans to increase product development and grow its team. There are no specifics yet, but it does have aspirations outside the UK.
Jeroen Arts, Partner, Speedinvest’s Marketplaces & Consumer team, adds: “Who said working with the public sector can’t be fun and exciting? Over the past 1.5 years, Stotles has helped top-tier companies like UiPath, Freshworks, and Workday do more business with some of the world’s largest buyers.”
Sonrai’s American Ambitions
Sonrai Analytics is based in Belfast and has an interest in the biotech and pharmaceutical sectors. Its software platform provides precision analytics and “reproducible data findings”. (‘Sonrai’ is the Irish word for ‘data’.)
The funding round was led by Forward Partners, a venture capital firm in London specialising in the tech sector. Existing investors Techstart Ventures, Co-Fund NI (managed by Clarendon Fund Managers), QUBIS and Angel Investors also participated in the round.
Dr Darragh McArt, CEO of Sonrai Analytics, explains: “This investment enables us to focus on the growth of our customer base in the US, develop our customer success strategy and expand our AI capabilities to further enable discovery in healthcare.”
Sonrai will invest in sales and marketing to seek out more action amongst precision medicine companies. It will also expand its data science and engineering teams with plans to hire an additional eight people by the end of 2022. The company has 19 employees listed on LinkedIn.
Dream with Oneiro
Oneiro Solutions’ HQ is in London. Launched in July 2021 by Chris Papathanassi, Oneiro (which is the Greek word for ‘dream’) provides a cloud-based platform (DLX) for borrowers, lenders and agents to access their deal-related data in real-time.
The fintech startup says users have visibility over the status of their loan advances and other lifecycle events.
Prior to founding Oneiro, Papathanassi spent 15 years in the banking and technology industry, working for NatWest administering large-scale syndicated loans, and for software vendor Finastra, as an industry principal selling syndicated lending software.
The funding round was led by Graham Murphy, founder and former CEO of Remote Diagnostic Technologies (RDT). He sold RDT to Philips Healthcare in 2018.
“Since selling RDT I have evaluated six businesses for potential investment and Oneiro Solutions is the first I have invested in,” adds Murphy. “It was an easy decision as the business has strong founders with the right experience and an excellent business proposition. I was also happy to introduce Oneiro to my investor network, not something I do lightly.”