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04/08/2015

Swansea predictive analytics service company expects strong growth with backing of Finance Wales and angel syndicate

Many companies collect and store large amounts of data using expensive computer systems.  They often don’t have the capabilities to capitalise on it by turning it into actionable insights to identify cost savings, make product and services improvements or resolve problems at the earliest opportunity.

Now, We Predict, the award-winning company whose revolutionary software platform analyses large volumes of data for some of the world’s biggest automotive companies is expanding with the backing of a £1.25 million equity investment from Finance Wales and a group of business angels.

Finance Wales has invested £500,000 from the Wales JEREMIE Fund, alongside the group of business angels who have previously invested in the company, to help We Predict expand in the UK as well as in the USA, where it has recently established a sales team.

Headquartered at its R&D centre in Swansea’s Technium 1, We Predict employs mathematicians, statisticians and computer scientists who work alongside domain experts using the most relevant tools and techniques to deliver impressive results for blue-chip clients like Honda, Bombardier and Kostal.

Established in 2009 by Chief Executive, James Davies the company initially focused on the automotive and related industries.  Building on this success We Pedict has also expanded into the security and health sectors, delivering predictive analytics to aid commissioning decision-making in the NHS and crime prevention for two of the UK’s Police forces. 

James Davies, Chief Executive said: “We Predict is at an exciting point in its journey following several consecutive years where revenue growth has exceeded 200%, which we are set to improve upon again this year. The combination of our unique predictive models, industry experts and service business model has put us at the forefront of the emerging industry of predictive analytics as a service.

“Our customers’ data is rich and contains valuable insights that can help them to implement significant business improvements and achieve considerable cost savings.  We Predict’s service is a cost effective way for customers to understand their data in more detail and to make better informed strategic decisions.”

Welcoming Finance Wales’ investment, Davies continued: “We welcome Finance Wales to the team as our first institutional investor and expect to add further capital and expertise with a substantial Series A fundraising later this year. Having Finance Wales as our first institutional investor is invaluable for us as we look forward to benefitting from their expertise as we continue to expand.” 

We Predict’s cost-effective service-based model, which uses the latest sophisticated analytical tools and techniques, is already impressing customers.

Former General Motors Chief Executive, investor and company adviser, Rick Wagoner said: "James and the team at We Predict have an opportunity to significantly improve product safety and quality with their innovative predictive analytics service. I am really looking forward to working with them and supporting their growth in the auto and other sectors". 

Investment Executive, Dr Richard Thompson from Finance Wales’ technology ventures investment team structured the We Predict investment.  He said:  “In just over 5 years James and his team have developed an innovative platform which is now well-proven, impresses customers and outperforms the competition.   We Predict has also established a strong presence in the automotive sector and is growing rapidly.

“We Predict’s platform has exciting potential in other sectors such as the healthcare sector, where it can offer a range of potential benefits. This funding package is pivotal for them and will help fund their anticipated rapid growth into new territories and new sectors.”

Product failure and warranties cost the global automotive industry around $70bn a year and We Predict believes that its services could significantly reduce these costs while improving customer retention and minimising corporate risk.