FYLD raises £10 million in Series A funding
FYLD, the London-based, AI-driven digital platform designed to revolutionise the safety and efficiency of field teams, today announced the successful completion of its £10 million Series A funding round.
The funding was provided by Koru, the Ontario Teachers’ Pension Plan’s venture incubator, and corporate partner SGN, a leading UK gas distribution network operator. To date, FYLD has raised a total of £14.4 million.
Both participating investors have committed to following their initial seed funding investments based on the results achieved since FYLD was supported with validation and launch in 2020 by world-leading venture foundry Boston Consulting Group Digital Ventures (BCGDV).
FYLD will use the additional capital to accelerate product development and enhance functionality, to expand globally into new markets including the United States and Scandinavia, and to double the workforce headcount from the current 22 to 45.
Shelley Copsey, CEO of FYLD, said:
“We have now successfully proven the concept of how FYLD enables safer, more efficient, field force operations within SGN and other early adopters.
“Over the next 18 months we will scale and develop FYLD’s AI-platform by leveraging its data capture and predictive capabilities. That will allow customers to identify and overcome their systemic productivity issues and ensure that each and every day, the work of field teams is safely delivered to schedule.”
Major organisations including Ferrovial, Lanes Group, Morrison Water Services and SGN are already benefitting from FYLD’s AI-empowered digital platform. Additionally, FYLD is part of the prestigious HS2 Accelerator program. By transforming the ability of organisations to make real-time, data-driven decisions FYLD is already delivering substantial improvements in the safety, quality and productivity of field teams. There is intense market interest in the platform, with FYLD currently partnering with 13 organisations across the utilities, rail, construction and infrastructure sectors for the deployment of its product.
John Morea, CEO of SGN, said:
“As anchor customer and a shareholder in FYLD, we have already seen remarkable results from our major 12-month field trial and implementation. Not only did we improve safety throughout our business and improve risk assessment quality and speeds by 75%, we also saved around £1.4 million.
“Given the substantial safety, quality and financial benefits we have already enjoyed, we are delighted to be scaling our involvement through additional funding and are confidently targeting efficiency savings of £13 million per annum over the next three years through our new Innovation Partnership with FYLD.”
Ziad Hindo, Chief Investment Officer at Ontario Teachers’ Pension Plan, which manages assets of approximately C$227 billion, said:
“Koru, our venture foundry, works exclusively with our portfolio companies to test, create and build scalable new digital businesses, helping us create significant value in our portfolio by capitalising on digital disruption. We innovate in conjunction with our portfolio companies, solving real world problems that enable us to invest with conviction.
“FYLD’s superior digital tools are a game-changing solution for persistent challenges facing the global fieldworker industry, and we believe they have the capacity to transform the safety and efficiency of operations. FYLD is our third launched venture but the very first to secure Series A funding.”