London and Bristol are buzzing with DSP-Explorer, Brytlyt and Cogsy grabbing some succulent tech funding.
Brytlyt, a provider of data analytics and visualisation technology, has raised a $5 million (£3.7 million) Series A extension from AlbionVC and existing investors Amadeus Capital Partners and Finch Capital.
Cogsy, an inventory solution for retail brands, has announced its $5 million seed funding, led by Accel Partners.
DSP-Explorer Goes Exploring
DSP-Explorer says the investment will enable the business to continue its organic and acquisitive growth plans. It acquired Explorer UK in July 2020, an Oracle database consultancy and development partner.
With offices in London, Nottingham, Basingstoke and Leeds, DSP-Explorer was founded in 1999 and has a turnover of £23 million, employing nearly 100 people nationally.
According to the firm, since YFM backed the management buyout of the business in 2018, led by CEO Simon Goodenough, revenues and profits have both grown by over 300%.
Goodenough explains: “We have developed an ambitious plan to scale the business, both in the UK and abroad, through both organic and acquisitive growth, as the sector continues to expand post-pandemic.”
No specifics were provided on which countries are being targeted.
Brilliant Boost for Brytlyt
Brytlyt says the new funding will be used for expansion plans in Europe and the US with both recruitment and deployment of new products a key focus.
The investment marks the release of Brytlyt.io, a fully serverless deployment model for analytics and data science workloads. The firm sees bright days ahead and cites Morgan Stanley, which reckons the data analysis sector is forecast to be worth more than $75 billion (£56.3 billion) by 2024, covering applications in AI and business intelligence.
Brytlyt was founded by husband-and-wife duo, Richard and Maria Heyns. The company says it is the only in-database AI GPU analytics program built on PostgreSQL.
Richard Heyns adds: “We are bridging the gap between the old SQL world and the new and exciting world of AI, enabling companies to bring their infrastructure up-to-date and extract value from their data in real-time.”
Cogsy and the Playbook
Bristol-based Cogsy explains that its total funding to date now stands at $6 million (£4.5 million). Other investors include Sugar Capital, RiverPark Ventures, Bain Capital Ventures, Automattic/WooCommerce and Brian Long.
Cogsy sees itself as “a full-spectrum solution that can be that extra Head of Operations for modern retail brands”. It turns data into forecasts for businesses.
Seth Pierrepont, Partner at Accel, explains: “Few sectors have evolved as fast as e-commerce in recent years. Retail brands are taking advantage of this new landscape and orienting themselves around a digital-first approach. Yet when it comes to their ops functions, many are still using yesterday’s playbook. Cogsy is helping brands turn their ops function into engines of growth.”
Cogsy has been making progress. It started the month of November with five team members and as of December now has a team of 15. It’s looking to grow the team further.