An AI-powered decision-making platform has raised £3.4 million in seed funding.
London-based Silico allows organisations to continuously test the impact of different outcomes in a ‘risk-free’ simulation environment before they make changes in the real world.
It says its no-code platform is often used to support businesses through digital or change transformations as well as to streamline financial planning, demand forecasting and margin optimisation.
Silico is already working with global enterprises across the banking, telecoms, healthcare and chemicals industries, with clients such as Vodafone.
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.
It will be used to expand Silico’s reach across Europe, while Join Capital’s Sebastian Von Ribbentrop will take a seat on its board of directors.
“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,” said John Hill, CEO and founder.
“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.”
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.”