Exeter, UK. 8 am 6th July 2023: Distil.ai – a customer data platform that helps e-commerce businesses to understand customers’ behaviour and boost sales – has raised a further £1.1m in a funding round led by Mercia Ventures and supported by angel investors.

The funding will enable the Exeter-based company to further enhance its platform and expand its sales and marketing team to help scale the business.

Distil.ai uses AI and machine learning-powered data tools to help optimise engagement for every customer. The platform captures buying signals and behaviour across a range of digital platforms then distils the data into a single customer view and categorises customers into segments, enabling companies to channel marketing towards those that drive the best results. It can provide guidance on how sellers can improve their marketing, what products are selling well and whether they need to broaden or reduce their range, what sales strategies are working and whether targets will be met. It can also make informed recommendations on discounting strategies and promotions. 

The platform enables companies of all sizes without their own in-house data teams to access powerful business intelligence for ecommerce. It helps them use their data to grow their business through access to Customer Segmentation, Marketing Attribution, Inventory Performance Analytics and real-time Business Forecasts.

Founded in 2018 by data scientist Gerry McNicol, Distil has attracted high-profile customers including AQL, Crowdfunder, CMO Stores, Eden Project, Flavourly, Mancave and Crowdcube – whose founders backed the business at its inception. The company has developed its own Shopify app which allows businesses selling via Shopify to trial its platform free of charge. It is also planning to launch apps for other online marketplaces.

Gerry McNicol founder and CEO of Distil said:

“At Distil, we are passionate about the power of data. It is the lifeblood of any business, shaping the landscape of industries around us. However, to truly harness its potential and transform it into a strategic asset, the way we approach and manage data must evolve. This is the driving force behind Distil.ai. Our mission is simple – if you want your data to guide your strategy, empower your marketing, and boost your profits, it’s time to start ‘Distiling’ it. We’ve filled Distil with powerful algorithms to provide a clear view of your business’s performance. With the support of our partners in this funding round, we’re set to accelerate the shift towards a more insightful and efficient future.”

The latest funding round is the second led by Mercia Ventures, which originally backed Distil in 2021, and has invested from its EIS funds. Rafael Joseph, Investment Manager with Mercia Ventures, said:

“Companies which are selling online often lack the data insights they need to target customers more effectively and focus their sales and marketing strategy. Distil.ai is a powerful tool that enables companies of all sizes to unlock these insights and can drive operating profit at a rapid pace. This funding will give the company additional resources to further enhance its product, ramp up sales and reach a wider audience.”

ENDS

About Distil 

Distil, is an ecommerce business intelligence platform founded in 2018 by Gerry McNicol. Distil’s machine learning-driven AI technology helps ecommerce businesses manage Customer, Marketing, Product and Sales/Forecasting data to better understand their audience, fine-tune their strategy, and power their growth. The company’s sophisticated platform draws all business data together, sorting valuable insights from the noise, and turning those numbers into actionable intelligence. Distil, by providing a data-team-in-a-box to customers, eliminates the need for businesses to trawl through the numbers themselves or hire expensive data engineers or scientists, doing the hard work quickly, easily, and at scale. The company’s growing team is demystifying data for a roster of clients including AQL, Crowdfunder, CMO Stores, Crowdcube, Eden Project, Flavourly and Mancave. It enables them to unlock new revenue streams, compete with established market leaders, and create lasting impact by confidently using the data they have to thrive.

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 balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Connected Capital’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£1.4 billion of assets under management and, since its IPO in December 2014, has invested c.£111million gross into its direct investment portfolio.

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

www.mercia.co.uk