FYLD Raises £12M Funding to Accelerate Growth and Expansion
FYLD, a London, UK-based provider of an AI-powered field work execution platform, recently announced that it has raised £12M in funding. The funding round was led by Ontario Teachers’ Pension Plan, showing confidence in the company's potential for growth and success. With this new injection of capital, FYLD plans to scale its commercial team, accelerate product development, enhance its AI-driven predictive analytics platform, and expand into new markets globally. Led by CEO Shelley Copsey, FYLD aims to empower field managers with real-time data analysis to make proactive and informed decisions, ultimately improving operational efficiency and safety across industries such as utilities, heavy civil construction, and highway maintenance in Europe, North America, and South America.
The company's AI-driven digital platform utilizes technologies like natural language processing, computer vision, and artificial intelligence to analyze field activities in real time.
By providing managers and operational teams with actionable insights, FYLD helps drive job completion and reduce safety incidents. FYLD was initially launched by Koru, a venture studio created by Ontario Teachers’, and collaborated with SGN, a U.K. gas utility in the pension fund's infrastructure portfolio, to validate its technology. This strategic partnership has contributed to the company’s success and growth in the market.
With a total of £26M raised to date, FYLD has experienced significant adoption of its AI-powered platform, leading to 3x revenue growth in 2023. CEO Shelley Copsey expressed optimism about the company's impact, stating that their platform aims to enhance fieldworkers' productivity and safety by leveraging real-time data analytics. By reducing standing time, enabling remote management, and analyzing site risks efficiently, FYLD helps customers achieve over 8% productivity uplift within a short timeframe. The positive market response to their solution reflects the industry's recognition of the value and potential for transformation in the future of fieldwork.
Click here for a full list of 6,481+ startup investors in the UK