FYLD secures £12M funding for AI-powered field management platform

UK AI-powered field world management platform FYLD has closed a  £12 million funding round. 

Critical infrastructure companies in Europe, North America, and South America—from utilities to heavy civil construction and highway maintenance—use FYLD to drive operational efficiency and reduce safety incidents with data.

Using natural language processing, computer vision and AI,  FYLD analyses what is taking place in the field in real-time, helping managers and operational teams make better decisions and drive more jobs to completion. 

FYLD was launched by Koru, a venture studio created by Ontario Teachers to help create and launch new digital companies. FYLD initially collaborated with SGN, a UK gas utility in Ontario Teachers' infrastructure and natural resources portfolio, to test and validate its technology. SGN saw immediate productivity benefits from the partnership, as well as a notable drop in worker incidents and injuries. 

"Software currently deployed into field workforces in the infrastructure sector remains unfit for purpose", said Shelley Copsey, CEO & Co-Founder at FYLD.

"At FYLD, our platform is designed to enable each fieldworker to be more productive every day and know  
that they will go home safely.

Through real-time, AI-powered data analytics, we reduce standing time, enable remote management to understand where they should focus their attention, and analyse site risk to stop incidents in their tracks. Our typical customers achieve over 8 per cent productivity uplift in just six weeks.

With this short time to value, we are  feeling market pull for our solution and buy-in on our vision of the future of fieldwork." 

Ontario Teachers' Pension Plan (Ontario Teachers') led the funding.

To date,  FYLD has raised a total of £26 million, which has helped accelerate the adoption of its AI-powered platform and achieve 3x revenue growth in 2023.  

"As an investor in infrastructure assets around the world, we see the need for fundamental change in how field workforce operations are managed and delivered," said Dale Burgess,  Executive Managing Director of Infrastructure & Natural Resources at Ontario Teachers.

"Against a backdrop of labour shortages, inflationary pressures eating into tight margins, and regulatory uncertainty,  the infrastructure sector has to embrace digital technologies to increase efficiency and profitability.

We look forward to accelerating FYLD's global expansion and delivery of its AI-powered predictive analytics platform through this investment."  

FYLD will use this new capital to scale its commercial team, accelerate product development, enhance its AI-driven predictive analytics platform, and expand into new markets globally.  

Lead image: FYLD. Photo: uncredited.