9th November 2017

WePredict Completes £3.1m Funding Round

Swansea-based data analysis business WePredict has completed a $4m (£3.1m) funding round.

The latest round was led by Munich Re and HSB Ventures, with existing investors Breed Reply and the Development Bank of Wales provided additional funds.

The company, founded by Insider Rising Star James Davies in 2009, has developed a software platform which analyses large volumes of data for some of the world’s biggest automotive companies.

The funding will support We Predict’s expansion in the UK, as well as in the US, where it has recently established a sales team.

The business previously secured a £500,000 investment in 2015 from Finance Wales, through the Wales JEREMIE Fund, and a group of business angels.

James Davies, founder and chief executive of WePredict, said: “We are constantly looking for new ways to enable our customers to benefit from the accuracy of our product failure predictions. We see vast possibilities to expand these applications.

“With the help of Munich Re we are taking this a step further and allowing automotive original equipment manufacturers (OEMs) to free up a portion of their balance sheet to use more productively in their business.”

Richard Thompson, senior investment executive with the Development Bank of Wales technology venture investments team, added: “We are proud to be long term equity investors in WePredict and to have contributed to this $4m San Francisco venture capital led round. The investment from insurance giant Munich Re opens up a new global opportunity for this exciting Swansea-based company.”

View We Predict’s profile here.