Autologyx raises £1m in funding
The UK-based digital operations platform, Autologyx, has raised an additional £1 million ($1.26 million) to rapidly expand its foothold in the legal and insurance sectors.
Angel CoFund (ACF), Beacon Capital and Richard Hargreaves led the round. The additional funding will enable Autologyx to accelerate the company’s development of its digital operations platform for companies in the legal and insurance sectors, as its clients look to realise the full potential of automation and new technologies.
Tim Mills, a founding partner of the ACF, says: “Autologyx has maintained an excellent track record since we first invested in the team, and they’ve delivered some first-class results for customers.”
Autologyx integrates next generation technologies such as artificial intelligence (AI) and machine learning (ML) with legacy systems. It has doubled its recurring revenues and seen an increase in demand for its market-leading platform.
Mills believes that the platform’s financial growth demonstrates a strong market demand for AI and ML solutions that can help businesses automate everyday processes.
Eversheds Sutherland Ignite (ES Ignite), a global legal practice, saved the equivalent of 46 weeks of lawyers’ time in just six months using Autologyx.
“When it comes to automation, having a partner whose platform is designed for your future business, not just the business you are today, is critical,” says Barry Rodick, innovation lead at ES Ignite.
Rodick has seen significant returns brought through using the platform, despite the legal practice only using a fraction of Autologyx’s capabilities.