London Business Angels syndicate anchors Travel AI’s £190k angel round.
London based, transportation software specialist, Travel AI, has closed a £190k potentially SEIS/EIS eligible investment with £150k from a sector specific lead LBA member investor and the LBA SEIS Roundtable Syndicate Fund 2012. The company has developed and is commercialising an innovative platform technology that provides data insights on travel personalisation and context awareness. Currently revenue generating through a number of 8 blue chip clients, this first round of external funding will enable the company to further improve its software platform, commercialise its rich travel data sets and continue development of its app pipeline which includes services for automated mileage expense claims and next generation travel surveying.
Andreas Zachariah, Travel AI CEO, comments, “We’re delighted with the calibre of angels we have recruited to join the team. Bringing with them sector, founder and exit experiences to help us move faster. The next few months offer us opportunities to grow our profile, launch product and extend our understanding of the market. So the team are very excited to be at the vanguard of context sensing and look forward to solving real world business problems while generating new insight in the movement of people and goods.
Anthony Clarke, London Business Angels CEO, comments, “Travel AI has developed a highly innovative software platform in the exciting travel and location-based services sector which is already being actively used by a number of well-known companies and has the ability to be scaled significantly. Our LBA SEIS fund has co-invested alongside a sector specific lead angel whose experience and contacts are set to be a major asset to the company as it seeks explosive growth.”