AI decision-making platform Silico secures £3.4m in seed funding
Silico, the AI-powered decision-making platform, recently announced that it has completed a £3.4m seed round. Silico empowers organisations to continuously test the impact of different outcomes in a ‘risk-free’ simulation environment before they make changes in the real world.
The round was led by Join Capital, with participation from existing investors Forward Partners and high-profile angel investors from the B2B and Enterprise Automation space.
Using simulation technology, Silico enables businesses to explore different scenarios to ultimately make better decisions. The AI-powered, no-code platform is often used to support businesses through digital or change transformations or to streamline financial planning, demand forecasting and margin optimisation.
Silico’s software connects to a range of Enterprise data sources, provides analysts with a proprietary no-code visual modelling framework and delivers digestible insights to decision-makers.
The funding will be used to build out Silico’s core engineering team and deliver an enhanced AI recommendation function, boosting the capabilities and range of the product. The funding will also be used to expand Silico’s reach across Europe.
As part of the terms of the seed round, Join Capital’s Sebastian Von Ribbentrop will take a seat on Silico’s Board of Directors.
John Hill, CEO and Founder of Silico, commented: “Silico is on a mission to transform the way enterprises make decisions and I am delighted that Join Capital are joining us on this journey, alongside Forward Partners and our angel investors.
“They are already unlocking immense value in the business by providing us with access to key markets in mainland Europe and introducing us to new corporate customers. We have been privileged to have spent time getting to know the team at Join Capital; our values are fully aligned and we could not think of a better partner to work with as we embark on our next stage of growth.”
Sebastian von Ribbentrop, Partner at JOIN Capital: added: “At Join, we’re strong believers that low-code/no-code decision-making software like Silico will be the basis for future decision making.
“Machines are getting much better at automating manual tasks, but they lack the nuance and understanding that humans have. We’ll be supporting John, Chris and the rest of the team in their journey to make decision planning a practical discipline for business leaders.”