FYLD, a London, UK-based provider of an AI-powered field work execution platform, raised £12M in funding.
The round was led by Ontario Teachers’ Pension Plan.
The company intends to use the funds to scale its commercial team, accelerate product development, enhance its AI-driven predictive analytics platform, and expand in its existing markets and into new markets globally.
Led by CEO Shelley Copsey, FYLD offers an AI-driven digital platform that empowers field managers to make proactive, data-led decisions in real time and transform operational processes and procedures with data.
Critical infrastructure companies in Europe, North America, and South America – from utilities through to heavy civil construction and highway maintenance – use FYLD to drive operational efficiency and reduce safety incidents with data. Using technologies like natural language processing, computer vision and artificial intelligence, 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.
The company 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 U.K. gas utility in Ontario Teachers’ infrastructure and natural resources portfolio, to test and validate its technology. To date, the company has raised a total of £26m, which has helped accelerate the adoption of its AI-powered platform and achieve 3x revenue growth in 2023.
Commenting on the news, Shelley Copsey said: “At FYLD, our platform is not only designed to enable each fieldworker to be more productive every day, but to 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% productivity uplift in just 6 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.”
FinSMEs
17/04/2024