AI Firm Rainbird grows its equity investment
AI Company Rainbird, based at Whitespace in St James Mill, Norwich will benefit from funding of £28,000 from the New Anglia Capital Fund as part of the company's planned growth and investment for the future. Rainbird will use the money to support its growth strategy, which includes bringing jobs to the area increasing from 12 to more than 20 staff in the next year.
In December 2014 Rainbird took part in the Techstars Accelerator Programme in London, set up to help businesses cram one year of development into 13 weeks. Only ten start-ups were chosen from over 1,000 applicants to the programme of which Rainbird was one.
Rainbird has been repeatedly recognised as being one of the most promising digital companies in Britain and on 20th February 2015 was invited to demonstrate the Rainbird Platform at 10 Downing Street; the Tech Nation event hosted by Daniel Korski, special adviser to Prime Minister David Cameron included representatives from British companies and over 40 venture capitalists.
James Duez, co-founder of Rainbird with Ben Taylor, said: “We are 90% funded by Angel investors and the majority of those are in the UK and predominantly East Anglia. Having local people investing in us provides tighter support and boosts the region’s economy" - EDP24
The Rainbird platform uses artificial intelligence to automate knowledge-work. It enables businesses to capture expertise that is locked-up in a small number of experts and scale it into tools that everyone can use, delivering high levels of operational efficiency.
Chris Dashper, of New Anglia LEP, said: “Rainbird exemplifies what we are trying to achieve with our £1m equity investment pot - an innovative tech company with exciting ambitions in the fast-growing world of artificial intelligence.” - EDP24
Back in February 2015 Norwich was also named a Tech City by Tech Nation (page 54) 15th on the list of 21 UK clusters, its companies like Rainbird putting Norwich on the map.