Foresight Group, a listed private equity and infrastructure investment manager, has made a £749,000 growth capital investment into The Modular Analytics Company Limited (TMAC), using equity finance from the Midlands Engine Investment Fund (MEIF) as part of a c.£1.5 million funding round.
Founded in 2018 by Jimmy Hosang and Sean Northam, TMAC is a rapidly growing contact centre software solutions company. With significant operations across the Midlands, TMAC’s proprietary artificial intelligence and machine learning software drives efficiency, reduces costs and improves results for large contact centres primarily in the insurance, retail and banking sectors.
This funding round supports the company’s growth plans, allowing it to focus on developing its software as a solution platform, as well as make key senior hires as they consolidate their East Midlands base.
Jordan Lavender, investment manager at Foresight, said: “We are delighted to be supporting TMAC on its next stage of growth. With digital transformation projects becoming more widespread in organisations, TMAC is well placed to take advantage of this flourishing market. The team have extensive experience in this sector and I am pleased they have selected Foresight as their partner for the next exciting phase of their journey.”
Commenting on the investment, Jimmy Hosang, CEO and co-founder of TMAC, said: “I’d like to thank the British Business Bank, Foresight Group and the Greater Manchester Combined Authority in supporting us in our vision to create a market leading AI company that the regions can be proud of.
“This investment will allow TMAC to invest in our products and create numerous jobs across the Midlands and Greater Manchester which are both high quality and diverse in nature, including speech analytics consultants, data engineers, product and UX specialists and B2B marketeers.”
