British Patient Capital announces a follow-on investment to Thought Machine, as the company announces the close of its Series C funding round at $200m. The new funding round raises Thought Machine’s valuation to more than $1bn. The round was led by Nyca Partners.

Thought Machine’s core banking platform, Vault, is now in production with major banks and fintech companies around the world. This announcement follows a period of accelerated growth, which has seen Thought Machine add more than 200 employees since the beginning of 2020.

British Patient Capital first invested in Thought Machine in its $125m Series B round in July 2020. This was as part of British Patient Capital’s long-term co-investment strategy that identifies and supports high-potential later stage UK companies in its underlying portfolio. In the case of Thought Machine, British Patient Capital had prior exposure via its commitment to Draper Esprit, who led the Series B round, and the IQ Capital Growth Fund. IQ Capital led the Seed round in the company in 2016.

Judith Hartley, CEO British Patient Capital said: “We’ve closely followed Thought Machine’s development and are delighted to see the company achieve unicorn status with this new funding round. This follow-on investment is a demonstration of our on-going commitment to Thought Machine and the company’s continued future growth.”