Database marketing specialist Machine Labs has received £800,000 equity funding from Techstart Ventures, the founders, angels investors along with additional grant funding from Scottish Enterprise.
The seed funding will be used to recruit a team of eight based in Edinburgh.
Andrew Veitch, Founder and CEO of Machine Labs said: “For most of us database marketing is spam or junk mail. Machine Labs want to use machine learning to make marketing messages relevant, so consumers get the right offers at the right time instead of being irritated by marketing they are not interested in.”
Dr Thomas Gambino, Machine Lab’s Data Scientist, who recently relocated from Spain to join the company, added: “We have fed millions of transactions into our machine learning algorithm and are already getting better results than any human could manage.”
Andrew Veitch was previously a co-founder and Chief Marketing Officer of Diet Chef which was the third fastest growing company in the UK according to The Sunday Times FastTrack 500.
Veitch continues: “It’s great to have the chance to develop the software I always wished I had when I was spending £30 million on marketing at Diet Chef.”
I’m very grateful for all the financial support and hands-on help we’ve had from our investors, We’re looking forward to the launch of our product in Autumn 2019.”