Ingenious has Led an Investment Round into Over-C Limited
- Investment , Investment Management
- 01.07.2019 09:10 am
Ingenious today announces that it has led an investment round into Over-C Limited, a London-based analytics company focused on operational performance in the workforce management market. Ingenious helped raise an additional £5.5 million in equity funding, bringing the total raised to £10 million.
Over-C’s software uses artificial intelligence, data and analytics to provide industry professionals with key insights for time-critical decision making. Over-C drives behaviours that allow companies to rethink their business and operating models, better quantify risk, uncover new opportunities, reduce losses, and boost profits. The firm currently operates across the UK, Ireland and The Netherlands providing solutions for many industry sectors ranging from transport operators for rail and airports, to shopping centres, stadiums and manufacturers.
The latest round of funding was led by Ingenious’ infrastructure division and represents the second investment from the Infrastructure Ventures EIS Service, following the backing of Reactive Technologies, a world leading technology platform facilitating the transition to a low carbon future.
The investment in Over-C remains in line with the firm’s ongoing drive to seek out high-growth investment opportunities in companies active in the energy, communications, transportation and resource efficiency industries.
Guy Ranawake, Investment Director at Ingenious, said: “Over-C has created and developed a management tool designed to improve mobile and field-based business processes and remote workforce operations. As an active investor and manager, we are delighted to support this award-winning company, setting new standards for managing operational performance. We look forward to working closely with Over-C to delivering solutions at scale.”
“This new round of investment provides us with a solid platform of capital to scale our business alongside our customers in what is a worldwide market,” said Michael Elliott, Chief Executive Officer at Over-C.
“As demand for our solutions has increased, so has the need to continue accelerating our AI capabilities and address a rapidly growing international customer base.”
The success of the firm to date has been recognised nationally. Its UK partner O2, a leading digital communications company, won ‘The IOT Award’ at the annual Connected Britain Awards 2019 for O2 Smart Compliance, which is powered by Over-C. The IOT Award for 2019 was given to O2, thanks to their joint work with ScotRail in helping to ensure the security of workers in potentially hazardous situations. ScotRail, Scotland’s national rail service provider, needed a digital solution to help them align with the Department for Transport’s requirements and standards for security and safety, such as real time information, time sensitive prompts and tamper proof records.
Ingenious’ backing will allow the company to invest further in the underlying software technology, the customer experience and in continued sales growth. It is also intended to have a positive environmental impact by significantly reducing greenhouse gas emissions from properties. Ingenious’ international operations and networks will be leveraged to provide strategic support as the company establishes overseas offices. The business plan will allow the company’s scalable, cloud-based technology to connect all different types of properties to create the world’s richest database of operational data from building systems.