Clarendon portfolio company Adoreboard has secured funding from the Halo Business Angel Network (HBAN) and Co-Fund II to support a series of major contract wins and create six new jobs.
HBAN is a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, dedicated to the all-island promotion of business angel investment. The Forum allows companies from a wide range of sectors to pitch to angel investors for funding. Currently, there are over 50 registered members in Northern Ireland.
Co-Fund II is part of the Invest NI’s Access to Finance portfolio, and is managed by Clarendon Fund Managers.
Adoreboard was formed in 2011 by its CEO, Chris Johnston. The company uses emotion Artificial Intelligence to improve customer and employee experience. The technology has been used by brands such as Nike, BMW and Three Mobile. Adoreboard currently employs 11 people and recently moved to new offices on Queen’s Street.
Adoreboard was recently awarded 2019 ‘Cool Vendor’ status by Gartner in Artificial Intelligence for Customer Analytics.
Chris Johnston, Chief Executive, Adoreboard, said: “Our software measures human experience through emotion AI and this is critical if you want to deliver business impact through better employee and customer experience.
“The HBAN process has been a real catalyst for this growth period in the company. We’ve added a number of new customers including Franklin Templeton on employee experience and major FMCG brands on customer experience. This month, we relocated to a new office on Queen’s Street and that will support our growth in the years ahead. The new roles will be a mixture of sales and marketing, data analysts and engineering roles to help us expand our global presence further.”
He added: “The Business Angels we have worked with have brought a wealth of experience to the company and have provided us with opportunities to expand the business internationally.”
Michael Black, one of the business angels to invest in Adoreboard, said: “Adoreboard is an indigenous company that is changing the way brands market their products through innovative AI. I’m delighted to have invested in the company and look forward to sharing my experience in the tech sector with Chris and his team.”
Brian Cummings, Investment Director at Clarendon Fund Managers, said: “The recognition by Gartner is a testament to the strength of the Adoreboard platform and this latest funding round will help the company transition through its next phase of growth.
“HBAN gives companies the opportunity to pitch for business investment as well as access to investors who have the knowledge and experience to take their business to the next level. We would encourage companies looking to grow to get in touch to see how they can pitch at our next event.”
Co-Fund II is supported by ERDF under the EU Investment for Growth and Jobs Programme 2014-2020.