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AI-based MarTech startup Phrasee raises £1m in seed funding

AI-based MarTech startup Phrasee raises £1m
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Phrasee, a marketing software startup which leverages artificial intelligence to increase email response rates, has received £1m in seed capital to help it scale operations.

The money, from by Next Fifteen and angel syndicate Galvanise Capital, will be used to continue research and development activity and to expand the company’s reach in the UK and the US markets.

Phrasee, based in London, uses its own AI algorithm to optimise email subject lines in an attempt to grab the reader’s attention.

A £4.67m VC round, Uber’s CEO steps down, Verizon acquires Yahoo, and more in The Week in Tech

“We founded Phrasee with the goal of creating a scientifically-based way of encouraging people to open emails, boosting response rates and subsequently generating greater revenue for the sender. Having been able to demonstrate the efficacy of our approach and demand for our product in our first year of operation, we are greatly encouraged by the support of Next 15 and Galvanise in taking the business to its next stage of growth,” commented Parry Malm, the CEO, adding:

“Our cloud-based software-as-a-service generates trillions of brand-compliant, human-sounding language variants, and uses iterative experimental methodology to grab more attention in a crowded inbox. To date, Phrasee-generated language has beaten humans more than 90 percent of the time.”

Tim Dyson, CEO of Next 15, spoke about the benefits of using artificial intelligence to boost performance: “As digital marketing becomes increasingly specialised and technology-driven, AI offers an advantage to businesses that embrace its potential to optimise performance. Phrasee has developed a truly unique proposition with wide appeal in the marketing industry, making the company a significant growth prospect.

“Our business is dedicated to supporting and developing innovative companies exploring new opportunities in fusing data science and technology. Phrasee matches our strategic focus perfectly and offers an exciting venture for us to partner in. Through our funding and access to valuable networks, we will help Phrasee to increase its UK client base and assist the company in raising its profile in the US market,” concluded Dyson.

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