Gloucester-based investment adviser Blackfinch has invested around £650,000 in Oxfordshire-based company Cyance, founded in 2007. Cyance helps business-to-business (B2B) clients forecast customer buying behaviour through its predictive analytics software.
Cyance, which is based at Woodstock, near Oxford, is pioneering its behaviour-based marketing technology platform ‘Nexus’.
Nexus is an Artificial Intelligence-powered platform for intent marketing. It enables businesses to target their customers with laser focus. Nexus can interpret and understand the behaviour of users browsing over 50,000 partner websites. It detects the digital footprints that businesses are leaving online, allowing clients to accelerate their sales along with their marketing return on investment (ROI).
Clients who use Cyance’s software platform are able to stay one step ahead of consumer behaviour, as well as receive information on sentiment and interest across their current and future customer base. This enables them to adapt and prioritise marketing/sales efforts to target their budget in areas where they are likely to achieve higher ROI. By using Nexus, companies can increase sales by up to 50% as well as an increase in ROI by up to 300%.
In just 24 months Cyance has acquired 86 clients, including HP, General Electric and Symantec, and reached an annualised recurring revenue of over £1.6m. With the Nexus product already performing well, the investment from Blackfinch will be used to expand the sales team in order to rapidly onboard new clients. Cyance also plans to increase its network of tracking websites, especially in the Asia-Pacific region.
Jon Clarke, CEO and Founder of Cyance, said: “We’re thrilled to have this support from Blackfinch, which will help to drive further growth as the market expands.”
Richard Cook, CEO and Founder at Blackfinch Group, said: “Cyance delivers incredible value to its clients and we are delighted to support the team in disrupting this global market.”
Blackfinch Ventures provides investment to innovative technology start-ups. The team applies its extensive experience and broad network of relationships to deliver end-to-end support for companies, throughout the investment process and beyond. It works with founders over the long term, developing businesses that can transform some of the biggest markets in the world.