Last year, Nick Schweitzer, the then-25-year-old inventor of a machine learning tool to help brands uncover future ideas, won the 2017 Launchpad Competition and joined our 2018 cohort of Enterprise Fellows. Since winning, Klydo has gone from strength to strength, and recently announced a new funding round:
Klydo, the innovation research assistant that uses advanced machine learning technology to help consumer brands accelerate their product innovation, has announced a £1m funding round, led by Episode 1.
Paul McNabb, Managing Partner of Episode 1, commented, "this was one of those where everything came together. A strong technical founding team, truly innovative technology and a clear customer use case."
The round, which also included investment from retail and consumer sector specialist True and prominent angel investor William Tunstall-Pedoe (Founder of AI assistant "Evi", acquired by Amazon to create Alexa), will be used to expand the core team and accelerate Klydo's reach in the consumer brand space.
Nick Schweitzer, CEO and co-founder of Klydo, said, "in today’s fast-paced world, we can no longer rely on chance to have innovative ideas. Klydo taps into the wealth of information that exists online to offer brands a unique perspective of what's happening in their market and these insights spark ideas for new products. Unlike other AI companies focussing solely on automation and optimisation, we're using AI to enhance creative thinking, enabling any team in any business to deliver breakthrough innovation. We've even given this new approach to innovation a name - klydoscope thinking."
Oksana Stowe, Principal at True, noted, “with our initial close for Fund II completing in September, we’re delighted that within weeks, our first investment from this fund has been in Klydo. We look forward to working closely with the team over the coming months to excel the business by adding value to them outside the core investment through our Live Network.”
On Thursday 22 November, we'll be hosting our fifth Launchpad Competition. Register now to see who will follow in Nick's footsteps and be named the UK's most promising young technology entrepreneur!