6 December 2021
We advised FYLD, the London-based, AI-driven digital platform designed to revolutionise the safety and efficiency of field teams, on its £10 million Series A funding round. The funding was provided by Koru, the Ontario Teachers’ Pension Plan’s venture incubator, and corporate partner SGN, a leading UK gas distribution network operator. To date, FYLD has raised a total of £14.4 million.
Both participating investors have committed to following their initial seed funding investments based on the results achieved since FYLD was supported with validation and launch in 2020 by world-leading venture foundry Boston Consulting Group Digital Ventures (BCGDV).
FYLD empowers utilities field teams and managers to make data-driven decisions in real time. The digital platform delivers greater efficiency and safety by eliminating time-consuming paperwork and helping managers prioritise the sites that pose the most risk.
FYLD will use the additional capital to accelerate product development and enhance functionality, to expand globally into new markets including the United States and Scandinavia, and to double the workforce headcount from the current 22 to 45.
Commenting on the transaction, corporate partner Siobhán Langwade said: "FYLD has proven that its innovative platform has a transformational impact when it comes to the safety and efficiency of those in the field worker industry. We are pleased to have worked with them to secure this funding and look forward to seeing the increasing impact of this technology in this exciting next phase of growth."
CEO OF FYLD, Shelley Copsey, added: "Following this successful fundraise, we will scale and develop FYLD’s AI-platform by leveraging its data capture and predictive capabilities, ensuring that each and every day the work of field teams is safely delivered to schedule. We would like to thank Siobhán and Rebecca at Taylor Wessing for providing insightful guidance throughout, demonstrating their outstanding sector knowledge and expertise."
The transaction was led by partner Siobhán Langwade with support from associate Rebecca Le Flufy.