CELATONJanuary 2013 | Investment News
Milton Keynes based software business secures £2.5m from Business Growth Fund
Founded in 2004 by Andrew Anderson and Gary Grant, Celaton was created through the MBO of Redrock Technologies from Netstore plc and the subsequent acquisition of DG Tech Ltd. The Company’s inSTREAM™ software applies artificial intelligence to streamline labour intensive clerical tasks and decision making in a way that hasn’t been possible before.
Delivered as a service, inSTREAM software transforms the way that enterprises handle the unstructured content that flows in every day from customers and suppliers including correspondence, claims and complaints received by email, fax, post & paper. It enables scale and efficiencies that were previously out of reach, minimising the need for human intervention and ensuring that only accurate and relevant data enters line of business systems.
Unique to inSTREAM™ is its ability to learn through the natural consequence of processing information. inSTREAM is relied on by enterprise customers in retail travel insurance and financial service sectors including Asos, Carphone Warehouse, TalkTalk & Virgin.
In December 2012, BGF invested £2.5 million in Celaton. The growth capital from BGF is supporting the accelerated development of a sales and marketing infrastructure and enabling Celaton to drive sales into both the public and private sectors.
Tim Bittleston, Chairman, was introduced to the company through BGF’s Talent Network. Tim has considerable experience at CEO and non-executive levels at a number of IT and software businesses and has raised over £150m in venture capital for various successful enterprises over the past 12 years. Tim Whittard, Investment Director also joined the board as BGF’s representative.