FrontM completes £750K VC funding to accelerate go to market
FrontM, a UK based AI software platform startup announces the completion of £750K equity funding raise led by Green Shores Capital alongside Jenson Solutions, The FSE Group and angel investors. The financing will be used to accelerate their go-to-market and to expand the teams in their London and Bangalore offices. This coincides with FrontM securing additional funding from Innovate UK to lead their £0.5 million research project in a consortium with Nick Lambert Associates and Inmarsat PLC. Deepak Ahuja, partner at Green Shores Capital joins the board as the investment director, alongside Kiran Venkatesh the co-founder CEO and Guillermo Acilu the co-founder CTO.
FrontM enables efficient communication, automation and customer experiences for airlines, cruises, shipping, fishing, remote enterprises and other frontier markets. While businesses around the world now thrive on Cloud-based software services, lack of continuous access to the Cloud is a significant constraint. FrontM's patent-pending Edge Intelligence technology enables creation of business and customer applications that work offline and need 70% less satellite data when connected.
"Most people believe ubiquitous unlimited internet is a reality as we head towards 5G. But the truth is the opposite for remote spaces and the disparity in digital experiences is ever increasing. We are addressing this. From making flying un-boring, through to enabling higher crew productivity, the range of use cases our platform enables is proving to be compelling for our B2B clients. As we hit global markets, the smart money and the active participation from our investors is invaluable", said Kiran Venkatesh who has previously helped satellite companies develop new digital products for the same markets.
FrontM offers customer branded apps or APIs to enhance existing customer channels. For 4 billion people who fly every year, the apps leap-frog from static content based inflight entertainment to continuous and personalised inflight engagement, e-commerce and content marketing. Similarly, for companies serving the 28 million cruise passengers and 15 million crew & fishermen, FrontM's programmable SDK turbo-charges offline interactions and value exchange.
Deepak Ahuja, partner at Green Shores capital, the lead investor and now the investment director, said "Deep Tech start-ups such as FrontM embody the creativity and innovation much needed in the Legacy Industries such as Maritime and Airlines. The founders of FrontM have a visionary and long-term view that most people may not take. Green Shores are delighted to have led FrontM's funding round with a future view of topping in the next series of fund raises and in assisting the team drive a step change in the markets"
Sarah Barber, Jenson Funding Partners CEO commented, “We are really excited to be working with Kiran and the team, this is a fantastic opportunity and we look forward to helping the business grow”.
Simon Labahn, Fund Manager at The FSE Group, who manage the Thames Valley Berkshire Growth Fund, said, “We were immediately impressed by FrontM’s current client base, the strength of their partnership with Innovate UK and the level of experience of their management team. They have created a multi-use platform that benefits some of the fastest growing sectors in the world. We look forward to working with Kiran and his team and seeing the company expand into new markets, whilst developing their suite of products.
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