A mid-tier London law firm has helped broker a $25m machine learning funding round
London-based Mackrell Turner Garrett (MTG) has worked together with the shareholders of Rimilia Holdings to complete their recent eight-figure funding round.
The Bromsgrove-based tech firm, which is utilising machine learning techniques to automate cash matching and credit collection, sealed $25m in growth funding in a round co-led by Kennet Partners and Eight Road Ventures.
In a growing trend for applying machine learning and AI methodologies to automate previously onerous business tasks, the firm’s Alloc8 Cash and Alloc8 Collect products help companies to match invoices to payments in real-time and is already utilised by major clients including Avis, Hitachi and Santander.
Supporting the funding round, which has helped to unlock significant investment at the business, was MTG’s team led by corporate partner Maung Aye, supported by solicitor, Mohit Pasricha and employment partner, Donna Martin.
Speaking following the transaction, Corporate Partner at MTG, Aye Maung said: “Rimilia is a real British success story and I am glad that we were able to play some part in this successful round of funding.
“Rimilia quite clearly has a bright future ahead of it. I would like to congratulate them on this achievement and wish them the best of luck with their ongoing expansion.”