An Exeter-based AI platform that provides data to companies in the restaurant and hospitality sectors has secured a £350,000 equity investment as part of a £1m funding round.
Big Business Intelligence, trading as Distil.ai, will use the cash from the British Business Bank’s South West Investment Fund, via appointed Fund Manager The FSE Group, to scale and expand its team.
The wider fundraising round also included investment from Waterspring Ventures.
Distil.ai’s platform provides data insights aimed at helping companies boost operational returns, marketing effectiveness and customer relationship management. The business counts The Devonshire Group, Gordon Ramsay Restaurants, restaurant booking platform OpenTable, and steak restaurant Hawksmoor, among its customers.
Gerry McNicol, founder and chief executive of Distil.ai, said: “This funding is allowing us to invest in key activities to accelerate our growth trajectory and solidify our position in the market. Planned developments mean we can continue to provide customers with unparalleled insights at exceptional value.”
The cash injection will be used to advance platform development, Distil.ai said, including the addition of multi-language capabilities, ahead of a planned Series A funding round.
Meg Salt, investment manager at The FSE Group, said: “With its scalable technology and strong foothold in the restaurant sector, Distil.ai is a compelling investment opportunity. The company’s unique access to OpenTable data, along with its credible management team, make it an exciting proposition. Distil is well-positioned to achieve significant growth and we are delighted to be supporting them on this journey.”
Paul Jones, senior investment manager at the British Business Bank, added: “Distil.ai is a great example of how data-driven innovation is thriving in the South West. By harnessing AI to unlock new value in hospitality and other sectors, the business is helping customers harness their data to drive efficiency and growth. We look forward to seeing how support from the South West Investment Fund accelerates Distil’s next stage of development.”
The South West Investment Fund offers a range of commercial finance options with smaller loans from £25,000 to £100,000, debt finance from £100,000 to £2m and equity investment up to £5m.
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