£1.1m raised

Aveni backed to launch AI speech analytics platform

Joseph Twigg, CEO; Jamie Hunter COO; and Dr Lexi Birch, Head of Aveni Labs

Scottish fintech company Aveni has secured an investment of £1.1 million to launch a ground-breaking Artificial Intelligence (AI) platform for speech analytics in business. 

The investment, led by the Tricapital Angel syndicate, will accelerate Aveni’s growth and see it move beyond financial services into other regulated industries, whilst building a team to support its UK expansion.

Joseph Twigg, CEO of Aveni said: “Consumer behaviour and business needs have changed significantly over the past 18 months as the service industry digitised in response to the pandemic.

“This created a new base of consumers comfortable with video conferencing led, digital-first services.  But it also created a major challenge for firms to monitor and assess these calls.

“By using AI to help automate processes like quality assurance and risk monitoring, material cost reductions can be achieved. At the same time, companies gain targeted insights on customer experience and training opportunities for customer-facing staff.”

The financing round was supported by Scottish Enterprise’s Growth Investments, Old College Capital – the University of Edinburgh’s in-house venture investment fund – and Wallace Equity. 

Moray Martin from Tricapital said it is the second round of investment in Aveni that is led into the company.

“We knew that this cutting-edge technology had come at the perfect time to help businesses in a post-pandemic environment and that has proven to be the case,” he said.

Aveni was advised on the funding round by law firm Harper Macleod, while MBM Commercial acted for the investors.

Jo Nisbet, partner at Harper Macleod, said: Aveni is a brilliant example of a potentially world-leading tech business coming out of Scotland’s entrepreneurial ecosystem.

“It is phenomenal to see the business grow so rapidly and to play a part in helping them negotiate the challenges associated with scaling up.”

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