AI-powered creative analytics platform CreativeX has raised £20 million investment.

The Series B funding has come from Guggenheim Investments, on behalf of certain clients, with participation from Beringea, the Brandtech group, and Conviction.

The platform, used by the likes of Nestle, Facebook and PepsiCo, measures the efficiency, consistency and impact of marketing and advertising content.

Started in 2015, CreativeX technology is now used by 30+ of the world’s largest advertisers, powering creative decision-making across 5,000+ brands, 1,000+ agencies, and across 130+ markets.

The funding will be used to ‘supercharge’ its growth across a number of key areas.

Having previously rebranded from Picasso Labs, CreativeX was founded in 2015 by CEO Anastasia Leng, a serial entrepreneur and former Google executive. It has offices in London and the US.

Leng said: “This funding round, by far the largest in CreativeX history, is a testament to the impact our technology can have on the advertising industry, not only by reducing the $10bn+ of wasted spend on creative that’s not set up to succeed, but also by bringing a layer of data to help marketers make creative more accessible, more representative, and better for long-term brand growth.

“Marketers are waking up and recognising their creative for what it is: a major untapped competitive advantage to drive media efficiencies and long-term brand growth. CMOs are responding to the overwhelming research surrounding the impact of creative by launching Centres of Creative Excellence and rebuilding their insights and production capabilities to scale content production in a data-backed way.”

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Evan Cummins, growth investor of Guggenheim Investments, said: “CreativeX is committed to solving the industry’s most complex problem – how to optimise the creative element to build effective marketing. We are excited to support CreativeX as it shapes the fast-evolving space of data-empowered creative excellence.”