Machine Labs has secured equity funding to help the company boost its staff numbers and locate to a new office space in the centre of Edinburgh.
The £800,000 seed funding was received from Techstart Ventures, with additional funding from Scottish Enterprise. The company said the new funds will be used to recruit an eight-strong team – which will operate from offices opposite Edinburgh Castle – and aid in the company’s efforts to target the global database marketing sector.
The angel investors were three of Scotland’s most experienced technology investors; Kevin Dorren, who will assume the position of chairman, Bill Dobbie, and Richard Freedman, who will also join as VP of business development.
Andrew Veitch, founder and CEO of Machine Labs, commented: “For most of us, database marketing is spam or junk mail. Machine Labs want to use machine learning to make marketing messages relevant so consumers get the right offers, at the right time, instead of being irritated by marketing they are not interested in.”
Veitch previously co-founded Diet Chef, which was the third fastest-growing company in the UK, according to the Sunday Times FastTrack 500.
He added: “It’s great to have the chance to develop the software I always wished I had when I saw spending £30 million on marketing at Diet Chef. I’m very grateful for all the financial support and hands-on help we’ve had from our investors. We are looking forward to the launch of our product in Autumn 2019.”