Company data and information provider aiHit has attracted a $5.5 million (£3.5 million) investment from Russian investment banking firm VTB Capital.
Company data and information provider aiHit has attracted a $5.5 million (£3.5 million) investment from Russian investment banking firm VTB Capital.
The equity stake will finance the ramping up of marketing campaigns and business development as well as further research and development (R&D) of the London company’s services, which include providing company data to business information and market research clients.
Led by co-founder and chief executive Jens Lapinski, aiHit uses advanced artificial intelligence and machine learning technologies to create a company directory straight from information available on the web.
Following the investment from VTB Capital, which joins technology venture capital firm Amadeus Capital Partners as a backer of the company, aiHit will open a R&D centre in St Petersburg and will pursue other business opportunities across the Russian region.
Aidar Kaliev, head of VTB Capital’s venture business, says, ‘There are several factors that excite us about this company. First, aiHit has created an absolutely unique technology: the company has invented a new way to extract, manage and analyse raw data which, we believe, will change the way the industry operates. Second, we see huge market potential for this technology.’
aiHit chairman Alan Hambrook adds, ‘This is a great opportunity for us to take our company to the next level of its development. It is also a unique chance for the Russian market to absorb expertise, through a new R&D centre in St Petersburg. There are many market opportunities in Russia and we shall be opening an office there to develop our business in the Commonwealth of Independent States (CIS) region.’
Laurence John, partner at Amadeus Capital Partners, continues, ‘It’s exciting to work with new investors VTB Capital, who understand aiHit’s long-term funding needs and will help it achieve its potential. We are now perfectly set to exploit the web-harvested data market and to build a significant, game-changing company.’
