GV, a corporate venturing subsidiary of internet and technology group Alphabet, has led a £13m ($17.9m) funding round for UK-based business planning software developer nPlan, Sky News reported yesterday.
The round also featured LocalGlobe, Entrepreneur First and Ian Davis, the chairman of aerospace and defence manufacturer Rolls-Royce Holdings. The company had previously secured $3.4m in seed financing from undisclosed investors in 2018, according to Sky News.
Founded in 2017, nPlan provides software that applies artificial intelligence to historical data in order to assess the time required to complete projects and flag up potential risks.
GV general partner Tom Hulme was quoted by Sky News as saying: “Through due diligence, we spoke to a range of customers and prospects, ranging from infrastructure owners like Network Rail or the largest tech companies to contractors such as SNC Lavalin.
“In all cases, we were blown away that those responsible saw the benefit of applying modern machine learning techniques to such a difficult analogue problem. Enabling more efficient build in infrastructure is a multi-billion dollar opportunity, increasing by the day as governments drive investment post-pandemic.”