FYLD secures £12M funding round to take platform global
London, UK, 17th April 2024 – Breaking ground in the infrastructure sector, FYLD, the AI-powered field work execution platform, is pleased to announce that it has closed a £12M funding round in late 2023 led by Ontario Teachers’ Pension Plan (Ontario Teachers’), a leading investor in infrastructure with approximately C$40 billion in infrastructure assets globally. To date, FYLD has raised a total of £26 million, which has helped accelerate the adoption of its AI-powered platform and achieve 3x revenue growth in 2023.
Critical infrastructure companies in Europe, North America, and South America – from utilities through to heavy civil construction and highway maintenance – use FYLD to drive operational efficiency and reduce safety incidents with data. Using transformative technologies like natural language processing, computer vision and artificial intelligence, FYLD analyses what is taking place in the field in real time, helping managers and operational teams make better decisions and drive more jobs to completion.
This funding round comes on the tail-end of recent product milestones for FYLD, including the launch of patent-pending Edge AI technology and Smart Workflows, already deployed into FYLD customers Southern Water, Granite Construction, Kier Transportation and CLC.
FYLD will use this new capital to scale its commercial team, accelerate product development, enhance its AI-driven predictive analytics platform, and expand in its existing markets and into new markets globally.
“Software currently deployed into field workforces in the infrastructure sector remains unfit for purpose’’, said Shelley Copsey, CEO & Co-Founder at FYLD. “At FYLD, our platform is not only designed to enable each fieldworker to be more productive every day, but to know that they will go home safely. Through real-time, AI-powered data analytics, we reduce standing time, enable remote management to understand where they should focus their attention, and analyse site risk to stop incidents in their tracks. Our typical customers achieve over 8% productivity uplift in just 6 weeks. With this short time to value, we are feeling market pull for our solution and buy-in on our vision of the future of fieldwork.”
“As an investor in infrastructure assets around the world, we see the need for fundamental change in how field workforce operations are managed and delivered,” said Dale Burgess, Executive Managing Director Infrastructure & Natural Resources at Ontario Teachers’. “We are renewing our support for FYLD based on firsthand observations of its impact within our own portfolio companies and its growing traction in the wider market. Against a backdrop of labour shortages, inflationary pressures eating into tight margins, and regulatory uncertainty, the infrastructure sector has to embrace digital technologies to increase efficiency and profitability. We look forward to accelerating FYLD’s global expansion and delivery of its AI-powered predictive analytics platform through this investment.”
FYLD was launched by Koru, a venture studio created by Ontario Teachers’ to help create and launch new digital companies. FYLD initially collaborated with SGN, a U.K. gas utility in Ontario Teachers’ infrastructure and natural resources portfolio, to test and validate its technology. SGN saw immediate productivity benefits from the partnership—as well as a notable drop in worker incidents and injuries.
About FYLD
FYLD is a unique collaboration between SGN, Boston Consulting Group’s BCG X and Ontario Teachers’ Pension Plan that is redefining the execution of field workforce operations in the infrastructure sector globally. Founded in 2020, FYLD offers an AI-driven digital platform that empowers field managers to make proactive, data-led decisions in real time and transform operational processes and procedures with data. Recognised as a breakthrough platform with awards from the Energy Innovation Council, CEMEX Ventures global construction tech start up competition and UK IT Awards, FYLD is ushering in a new era for productivity, safety, quality and sustainability in the field. Visit https://www.fyld.ai/ for more info and reach out to brynne.hazzard@fyld.ai for press inquiries.
