Relative Insight, the Lancaster-headquartered tech platform which is used by clients including Sky, Starbucks and Sony, has raised £5 million in funding.
It has secured the investment from YFM Equity Partners – which is also an investor in Matillion – and plans to use it for expansion in the US as well as new product development.
Relative Insight also has offices in London and New York and offers a comparative text analytics SaaS platform to help businesses find insights from qualitative data.
Ben Hookway (pictured, right), CEO of Relative Insight, said: “Our platform is able to rapidly analyse millions of words and compare them across a range of variables to highlight the critical differences in consumer language, helping to explain market trends, customer behaviour and provide actionable insight…
“Having seen rapid growth over the last four years, the business is now embarking on the next stage of its journey as we expand in the US.
“We believe that YFM is the ideal partner to support us. As well as having an established track record scaling SaaS businesses, they have a real understanding of our market and are a great fit culturally – we like the team and are confident they will add real value.”
Dan Freed (pictured, right), Partner at YFM, added: “Data and text analytics is a rapidly expanding market and one with huge potential given the ever-increasing demand for improved business intelligence, and customer insights. The Relative Insight platform is a compelling proposition helping companies to understand why things happen.
“The heritage of the business resonates with us, and we believe it is a best-in-class platform led by an experienced and very impressive management team.”