£520,000 raised

Aveni sees growth from video conferencing boom

Joseph Twigg: ‘enabler of new technology’

Software firm Aveni believes the boom in video conferencing will see growing demand in the financial and legal sectors for its AI-based technology.

The Edinburgh-based business has just secured seed investment of £520,000, led by the Tricapital angel syndicate, that will help it build its team of specialist engineers.

Joseph Twigg, CEO, said: “A consequence of the global pandemic has been the widespread adoption of video conferencing.

“VC is not just a method of connecting with clients, it’s also an enabler of new technologies such as machine learning.”

As well as Tricapital, the round was supported by the Scottish Investment Bank, Old College Capital –the University of Edinburgh’s in-house venture investment fund – and Wallace Equity. 

Aveni, which has close ties to the University of Edinburgh, was founded as Hatch AI in 2018 when Mr Twigg was an MBA student. It is a past winner of the Scottish Edge business competition.

The company was advised by law firm Harper Macleod while MBM Commercial acted for the investors.

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