WatchMyCompetitor has secured £2 million in an investment round through Blackfinch Ventures and Praetura Ventures.
Blackfinch and Manchester-based Praetura have each committed £1m investment to the deal.
WMC’s platform enables organisations to automatically monitor competitors, clients, regulators and key partners.
The software uses the latest cutting-edge artificial intelligence technology, combined with data analysts’ input, to track anything available online, including websites, social media, press and other sources.
The service automatically identifies commercial changes such as new product launches, promotions, price changes and organisational changes.
Attracting global customers in multiple sectors, the information captured allows users in marketing, product and sales to respond in real-time to developments, protecting and growing revenue.
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Founded by entrepreneur Richard Jackson, who previously worked as chief technology officer for CitiGroup’s Corporate Bank, the London-based business has experienced rapid growth over the past 12 months, driven by demand from both new and existing customers.
With a quick deployment and affordable pricing structure, including WMC GO which is available on iOS and Android devices, the platform has already proved popular with large international corporations, as well as SMEs monitoring the activity of local competitors.
Working with brands across most industry sectors, the platform is being used for a range of strategies. It is used by universities to track newly launched courses, by medical practices to track service delivery, by car manufacturers to track changes in pricing and by insurance providers to track product changes.
“As digital channels are now the main route to market for most sectors, this investment allows us to rapidly scale the business, helping even more WMC clients protect and grow their revenue,” said Jackson.
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Dr Reuben Wilcock, ventures director at Blackfinch, added: “Since it was first established, WatchMyCompetitor has amassed an impressive list of international clients, spanning a whole myriad of sectors.
“Richard has an intrinsic understanding of the challenge of acquiring business intelligence, developed over an extensive career working for a distinguished commercial and investment bank, which has no doubt contributed to the success of the platform to date.”
David Foreman, MD at Praetura Ventures, said: “The team at WatchMyCompetitor has created a platform that delivers what the digital age promised us years ago – complete competitor information for actionable business decision-making.
“The business’ blend of personal onboarding, dedicated analyst time and powerful AI technology is an exciting proposition designed to make the platform indispensable to its clients.
“We’re all looking forward to working with the WMC team, and providing support and expertise beyond our investment to accelerate WMC’s future growth.”