A UK company whose software platform helps businesses to understand their customers’ behaviour and identify buying signals has raised £400,000 investment from Mercia.
Distil.ai’s platform brings together data from different sources across a business and distils it into a single centralised customer data view. It enables companies to optimise engagement for every single customer and reduces the time it takes to achieve an uplift in sales. The funding will enable Distil to further develop its product and accelerate its sales and marketing.
Founded in 2018 by data scientist Gerry McNicol, the Exeter-based company has attracted high-profile customers including CrowdCube, Eden Project, CMO Stores, Flavourly and AQL.
Gerry McNicol, CEO of Distil, said: “We’re on a mission to help businesses transform their data from an expensive, time-consuming challenge into a powerful goal-achieving asset. In Mercia we have found the perfect partner to expand our product and accelerate the growth for Distil and its customers.”
Mercia has invested from its EIS funds. Kiran Mehta, Investment Manager at Mercia added:
“In most companies, customer data is scattered across different channels and tools, yet it holds valuable insights that are critical to business success. Distil uses sophisticated AI to bring all the data together and give businesses a 360-degree view of clients’ spending patterns, buying signals and behavioural traits.
“The business has achieved strong organic expansion over recent years, and Gerry and the team have ambitious plans for the future. This investment will allow them to pursue their growth strategy. I look forward to working alongside the team over the coming years to achieve their objectives.”
Jamie Partington of Higgs LLP acted as legal adviser to Mercia.
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About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of venture, private equity, balance sheet investments and debt capital: the Group’s ‘Complete Connected Capital’.
The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing access to high-quality deal flow. Mercia currently has c.£940million of assets under management.
The Group raises its own Enterprise Investment Scheme (EIS) Funds and manages Venture Capital Trusts (VCTs) details about open offers can be found through Mercia’s website.
Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560