A Cambridge firm whose technology uses artificial intelligence to search the web for leading experts in any field has raised £3.75 million from investors after support from Enterprise Europe Network.
Techspert has been growing at more than 150% annually and expects to add 50 more staff during 2020. It currently employs 30 people in the UK.
All this follows the implementation of a new organisational structure and operations process as a result of a business strategy review carried out with the help of their EEN adviser, Arun Muthirulan.
Techspert, had initially focused purely on the biotech sector but wanted to take its technology into other markets where clients needed to find experts, no matter how niche their specialism, with unmatched precision.
Sources and options for funding
The management recognised the need to establish an innovation process with appropriate performance metrics and to align the leadership's vision with a fast-growing team structure.
The review and resulting action plan had three specific objectives:
- improve the company’s innovation management capacity
- establish an organisational structure and process model
- refine the business plan to raise external funding.
Arun assessed Techspert's business model and operations and helped to create a team structure positioned for growth. That also involved preparing the business plan for the next round of financing, identifying the right sources and options for funding.
His support for the fundraising effort began with an examination of Techspert's projected growth path and the role to be played by the next round of financing. It also highlighted milestones to be achieved in terms of proposition, profitability and monthly revenue.
Strategy for growth and profitability
From these, the company clarified its strategy for growth and profitability and established a funding readiness timeframe along with planned conversations with investors.
Arun also reviewed the key components of the funding pitch and helped Techspert make it more attractive to investors.
David Holden-White, co-founder and managing director of Techspert, said: “We received particularly constructive support around fundraising and grant applications. It enabled us to apply for a £400,000 innovation loan and supported our strategic approach to the fundraising process.
“The team organisation session helped us think about functional, scale-able units.”
Experts receive an honorarium when matched with organisations who need their specialist insight.
During the COVID-19 pandemic Techspert has been giving experts the option of donating their honorariums to Johns Hopkins Center for Health Security (CHS). The company then tops up those donations by 30%.