The private equity firm behind the likes of Mowgli Street Food is among a number of backers which have invested about £1.5m in a Manchester contact centre software company.
Foresight Group has provided £749,000 of growth capital investment to The Modular Analytics Company (TMAC), using equity finance from the Midlands Engine Investment Fund, as part of the funding round, alongside the Greater Manchester Combined Authority Fund.
Founded in 2018 by Jimmy Hosang and Sean Northam, TMAC based in Manchester and has significant operations across the Midlands.
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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.
The funding round will allow the company to develop its software as a solution platform as well as make key senior hires as it consolidate its 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."
Jimmy Hosang, CEO and co-founder of TMAC, added: "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."
