Machine Labs secures £800,000 led by Techstart Ventures

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Edinburgh, Scotland, June 28, 2019 – Machine Labs Ltd is delighted to announce that the company has received over $1 million (£800,000) of Seed Funding to change database marketing for the better.

The equity funding was provided from angel investors, the founders and Techstart Ventures with additional grant funding from Scottish Enterprise. It’s been used to recruit a team of eight who are based in offices opposite Edinburgh Castle.

“For most of us database marketing is spam or junk mail,” said Andrew Veitch, founder and CEO. “We 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 aren’t 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

“It’s great to have the chance to develop the software I always wished I had when I was spending $40 million (£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,” he added. “We’re looking forward to the launch of our product in fall 2019.”

About the angel investors

The angel investors were three of Scotland’s most experienced technology entrepreneurs and investors, Kevin Dorren (who becomes Chairman), Richard Freedman (joining as VP Business Development) and Bill Dobbie.

About Techstart Ventures

Techstart Ventures LLP manages the Scottish Growth Scheme-Techstart Ventures Equity Finance LP Fund which has been financed by support from the Scottish Government and the European Regional Development Fund from the European Union.

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Manoj Ranaweera

Manoj has founded, failed and successfully exited from a number of technology product companies as well as support organisations since 2004. Among them, Northern Tech Awards and were acquired by GP Bullhound and Accusoft, Inc respectively. Today, Manoj is building a trusted support network for technology companies. He is working with founding teams to help them accelerate including raising investment and M&A.

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