Dragonfly AI raises £3m to accelerate global expansion

Downing Ventures portfolio company, Dragonfly AI, the market-leading predictive visual analytics platform, announced today that it has closed a £3m Series A funding round led by Guinness Ventures and existing investors Downing Ventures, while Capita PLC also participated in the round.

Dragonfly AI has seen rapid growth in its customer portfolio which includes over 50 global brands including Diageo, GSK, and Vodafone.  The new investment allows Dragonfly AI to further scale up its sales engine, build the client growth team and invest in an exciting behavioural science, R&D and product development roadmap. The funds will also be used to accelerate international expansion plans across Europe and North America.

Co-founded in 2018, by entrepreneurs Mark Bainbridge and David Mitchell, Dragonfly AI helps brands improve creative performance by accurately and instantly predicting what your audience sees first across any content, any channel.

Using the power of artificial intelligence and cutting-edge neuroscience technology, the easy-to-use technology provides real-time actionable insights, that help marketers and insight teams make data-informed decisions, resulting in better informed creative decisions, performance marketing and improved sales performance.

Richard Mann, Chief Executive Officer at Dragonfly AI said: “We’re delighted to close this round of funding from investors that share our vision for the value that predictive technologies can bring to the creative design process.  The investment will allow Dragonfly AI to continue scaling up across Europe and the US.  It will also allow us to invest more heavily in our technology platform, including initiatives such as the new e-commerce benchmarks that we are launching this quarter”.

Shane Gallwey, Head of Guinness Ventures said: “Dragonfly’s predictive visual tools are best in class, which is why leading global brands already use the technology to optimise their marketing. Our investment into Dragonfly brings another gem to the Guinness portfolio and we look forward to supporting their success as they scale up their business.”

Richard Lewis, Partner at Downing Ventures said: “We are thrilled to be supporting Dragonfly in the next stage of its growth journey. It is a privilege to continue to support entrepreneurial teams that have developed world-class, innovative technology here at Downing. We look forward to continuing the good work with Dragonfly and assisting with its international expansion.” 

Matt Bunn, Co-Founder and Managing Director at Capita Scaling Partner, added: “This represents a fantastic milestone for Dragonfly, and we are delighted to continue our support for the business. The company is on an exciting growth trajectory and continues to develop its world-leading product. We are looking forward to working closely with Guinness, Downing and the Dragonfly team to further expand its international client base.”

If you would like to find out more about Dragonfly AI, please click here, and for more about Downing Ventures, click here. 

About Dragonfly AI

Dragonfly AI is an Artificial Intelligence SaaS scale-up. Using the latest advances in neuroscience and AI our product suite helps global FMCG brands predict creative performance across all channels. Clients include GSK, Johnson & Johnson, Diageo, Reckitt, SC Johnson, and many more.

The Dragonfly AI visual analytics suite is based on primary research into computer vision for robotic navigation conducted over the period 2010-14 by the late Professor Peter W McOwan, and Dr Hamit Soyel, of Queen Mary University of London (Queen Mary).  Their research and proprietary algorithm form the basis for the Dragonfly AI product suite. Queen Mary remains an integral partner to both Dragonfly AI and its Research & Development.  Dr Hamit Soyel is Dragonfly AI’s Chief Data Scientist and the company’s research laboratory is named The McOwan Lab after Professor Peter W McOwan.

Dragonfly AI offers customers an easy to use, self-serve subscription-service platform to access the software on iOS, web, desktop, API or enterprise integrations. The platform allows users to capture real-time content performance insight, to optimise to “human ready” before publication; or upload their campaign designs to run them through Dragonfly AI’s algorithm and obtain instant feedback in the form of a heat-map and metrics showing which elements a viewer’s attention is drawn to in the first milliseconds of looking - the “zero moment of truth”.

Date published:

12 Apr 2022

Practice area:

Enterprise