London-based AI-powered decision-making platform Silico has raised £3.4 million funding. The round was led by Berlin-based early-stage VC firm Join Capital, with participation from existing investor Forward Partners and high-profile angel investors from the B2B and enterprise automation space.
The funding will be used to build the platform’s core engineering team and deliver an enhanced AI recommendation function to boost the capabilities and range of its product. The new capital will also drive the company’s expansion in Europe.
Founded in 2020 by John Hill, the startup empowers organisations to continuously test the impact of different outcomes in a ‘risk-free’ simulation environment before they make changes in the real world. Using simulation technology, the startup enables businesses to explore different scenarios to ultimately make better decisions. The AI-powered, no-code platform is used to support businesses through digital or change transformations or to streamline financial planning, demand forecasting, and margin optimisation.
John Hill, founder and CEO of Silico said: “We are on a mission to transform the way enterprises make decisions. The new funding gives us access to key markets in mainland Europe and introduces us to new corporate customers as we embark on our next stage of growth.”
Sebastian von Ribbentrop, partner, JOIN Capital: added: “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.”
The startup is already working with global enterprises across the banking, telecoms, healthcare and chemicals industries, with clients such as Vodafone.