Comparesoft, the London-based tech start-up behind an unbiased comparison engine for the business software market, has secured initial investment from Mercia Technologies.

Comparesoft identifies the software packages that are most relevant for the user’s requirements and ranks them in order, with links to further information. The service, which uses machine learning and web indexing techniques, is free for software buyers, and is monetised from software vendors.

Established in 2015, Comparesoft has been used by over 5,000 businesses including organisations like Transport for London, PwC and Just Eat. The company, which is based in London, currently focuses on the asset management sector. According to the founders – CEO Prasanna Kulkarni and CTO Matt Melling, the business plans to expand to cover other types of business enterprise software.

“Currently, there is no single online marketplace for business software buyers so it is hard for users to compare different products. Comparesoft aims to fill this gap by offering a free service to users with the benefit of ranked results and instant connections between software buyers and software vendors,” Josh Levy, investment manager at Mercia Technologies, said.

“Comparesoft’s use of artificial intelligence also means that it can provide more accurate, unbiased results than other comparison websites and generate them more rapidly. The funding will help the founders to further develop the site, expand the range and pursue their ultimate aim of becoming the ‘Autotrader of the enterprise software market’.”