Tech firm to develop AI tool with £500K boost - Insider Media
Summary
A Newcastle-based company, which was established by two university graduates, has secured \xa3500,000 to develop its AI marketing technology and expand its team.PolyBoxs data analysis and reporting tool allows marketing agencies to view data from multiple sources, including Google and Meta, in a real time dashboard and auto-generate PowerPoint style reports for end customers.Launched by Rojin Yarhmadi and Nikolaus Benopoulos, the business aims to help customers gain insight into the return on investment of campaigns across multiple channels.The funding round was led by the North East Innovation Fund supported by the European Regional Development Fund and managed by Northstar Ventures, alongside Creative UKs North of Tyne Culture and Creative Investment Programme and angel investors.Having secured the investment, PolyBox will look to create an AI analysis chat tool which will allow the integration of third-party open-source data into the model.The company has collaborated with the National Innovation Centre for Data based in Newcastle on its technology development to date and will continue this collaboration moving forward.Rojin Yarahmadi, chief executive and founder of PolyBox, said: "We are thrilled that the potential of PolyBox has been recognised by our investors at Northstar Ventures, Creative UK and angel investors. The \xa3500,000 investment weve acquired will be transformational for us as we undertake research and testing, growing the team and ultimately develop the product further with enhanced integrations and more. "Nikolaos and I firmly believe that automation and AI will bring about huge change in the way marketing agencies provide insights to their clients, and were excited to be taking this offering to the next level thanks to our investment. "Sasha Collington, investment manager at Creative UK, said: "We were impressed by founders Rojin and Nikolaos and their innovative solution to enable marketing agencies to demonstrate to their clients the effectiveness of their campaigns using a data-led approach. "Carol Bell, regional associate director, North, Creative UK, added: "It has been fabulous to be co-investors with Northstar alongside Angel investors to support more early-stage companies in the region, and we look forward to seeing how Polybox grows and provides vital support to our sector."