New Zealand data insights startup Yabble has raised NZ$3 million (A$2.9m) as it looks to expand into Australia and then the US.
The AI company’s second raise was led by Hillfarrance among existing investors that include Movac, New Zealand Growth Capital Partners, Enterprise Angels, and other Angel networks, and high-net-worth individuals.
Co-founders Kathryn Topp and Rachel O’Shea will use the funding to expand the depth of Yabble’s offering as well as expanding internationally as it looks to grab a larger slice of the US$72 billion insights and research market with its AI-based insights product, Hey Yabble.
The platform uses machine learning and natural language processing to generate precise insights from unstructured data in a matter of minutes to help businesses drive growth and improvement.
Topp said raising in a nationwide lockdown as very different to Yabble’s first round last year.
“Our momentum over the last 12 months made this raise very easy by comparison, with our existing shareholders oversubscribing the round in record time,” she said.
“I couldn’t be prouder of the Yabble team. In a year of extreme global disruption, we’ve shown how our clear vision and relentless focus can turn into the release of world-leading AI products like Hey Yabble. We’re excited for the year ahead.”
Hillfarrance also led the 2020 raise and Managing Partner Rob Vickery said they believed that Yabble was the country’s leading AI-driven platform for insights.
“Kathryn, Rachel, and the rest of the team at Yabble are using this capital to conquer new markets, pioneer new technologies, and grow their global workforce. This is what good startup venture capital is all about,” he said.
Movac Partner David Beard said the company is getting significant interest from within New Zealand and overseas.
“This funding will allow Yabble to expand further into Australia and the USA as it looks to grow its offshore customer base,” he said.
“Kathryn and Rachel have a fantastic vision and drive for the future of Yabble, and we look forward to continuing to support them as the company grows.”
In the last 12 months, the business has tripled the size of its product and engineering teams, received support from Callaghan Innovation to accelerate R&D, released Hey Yabble into open beta, and appointed Yabble’s first US-based employee.