Livingbridge has invested £3.5m (€3.9m) in Symphony Ventures, a services provider focused on robotic automation.
Symphony Ventures offers consulting, implementation and managed services to companies seeking to automate operational processes. The tools offered by Symphony include robotic process automation (RPA) – a market is expected to grow to £920m by 2021 – artificial intelligence software and crowd sourcing.
It has clients in 21 countries across the banking, insurance, healthcare, logistics and government sectors. AI software companies it has worked with include Blue Prisim, UiPath and Celaton.
Symphony was founded in 2014 by a group of business outsourcing veterans and now has 120 staff in offices in London, San Francisco, Boston and Krakow. It is led by chief executive David Poole, chief strategy officer Ian Barkin, chief client officer Pascal Baker and chief operations officer David Brain.
“Symphony Ventures has swiftly developed a strong position in the rapidly growing RPA and intelligent automation space, a multi-billion-pound sector we have monitored since its inception. Symphony’s impressive founding leadership team has developed a compelling proposition for its clients, and we are excited to be working with them to further accelerate Symphony’s growth,” said Livingbridge associate director Henry Alty.
Symphony intends to use the funding to hire staff in the UK, US and Poland, doubling its team size over the next 12 months. It will also create an innovation lab, devise training programmes for RPA developers and introduce new services.
Livingbridge’s Alty and Bill Thomas, managing partner of advisory firm Acresis, will join Symphony’s board of directors, the latter as chairman.
Livingbridge made the investment through its Baronsmead VCT programme.