The AI Start-Up Secures Funding for 2021 Growth Push
TextVibes (AI start-up), based in London, managed to secure a pre-seed investment of £190K from SFC Capital to scale and expand globally.
The three founders launched their app in beta at the beginning of 2020 with the aim of enabling people to feel more connected during the Covid-19 pandemic. The app, leveraging the power of AI, helps users find and rediscover the most meaningful text conversations from their WhatsApp, Messenger and Instagram chat history. In the space of one year, TextVibes has already backed up and organised over 650 million messages from users worldwide.
The funding will be used to enhance the product by making the app more scalable and improving the AI technology in the backend. Additionally, a budget has been set aside to transform this successful product into an exceptional brand.
The CEO of TextVibes – Federico Allegro – added, ‘We’re delighted to have the backing from such a renowned institution, especially considering the immense competition we were up against during the funding rounds’. Ed Stevenson, Investment Executive, from SFC Capital added, ‘While there are many emerging tools that focus on reminding people of the memories they have made, by showing them photographs from their gallery, there are not any that are focusing on memories that can be salvaged from digital conversations and messaging apps’. ‘The disruptive AI technology TextVibes has built along with the credentials of the team, made our decision of getting involved very easy. We are eager to see where TextVibes goes and look forward to working with them further’.
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TextVibes is a tech-focused B2C company that, through Artificial Intelligence, enables users to find and rediscover their most meaningful text conversations from their WhatsApp, Messenger and Instagram chat history. In a world of remote working, long-distance relationships and globalisation, we find ourselves more alone and isolated than ever. TextVibes helps people feel closer to their friends and loved ones by delivering nostalgia, stories and memories and reconnecting them with their pasts.
About SFC Capital
SFC Capital is the UK's most active seed investor (PitchBook, 2020). Combining an angel syndicate with its own funds, SFC invests in SEIS – and EIS-qualifying businesses across a wide range of sectors – from biotech to fintech, and AR/VR to D2C retail. To date, SFC has invested in over 250 companies and kept its strong activity strong during the coronavirus pandemic, having closed more than 120 investments since its onset.
SFC Capital contact
Name: Ed Stevenson
Source: EIN Presswire