TMAC Raises £1.5 million to Become Market-Leading AI Company

Our latest round of investment from Foresight Group

MANCHESTER, England – November 22, 2021 – The Modular Analytics Company (TMAC), an artificial intelligence and machine learning solution provider for contact centres, earlier this month announced that it raised c.£1.5 million in its latest round of funding from both the Foresight Midlands Engine Investment Fund and the Greater Manchester Combined Authority.

TMAC’s software uses a mix of machine learning, voice and speech analytics, and behavioural science to enable better outcomes for both agents and customers alike, increasing revenue, decreasing operational expenses, and improving customer experience. TMAC’s unique algorithms are highly valuable and economical, making them the most efficient, affordable, and environmentally friendly on the market.

This investment will ensure TMAC remains on track to scale its unique AI product suite in 2022. TMAC’s three main products help businesses better listen to their customers through speech and voice analytics, act swiftly on customer preferences using Next Best Action models, and empower agents to self-develop and learn through its people analytics and coaching tool.

Headquartered in Manchester, the business has more than doubled its headcount over the last year and is establishing itself as another exponent of the strength of Manchester’s tech ecosystem. This growth has enabled the business to further expand to the Midlands. As a result, TMAC will significantly expand its workforce in Manchester and the Midlands to realise its dream of becoming the market-leading AI company in the region.

“The Greater Manchester Combined Authority was impressed by the strength of the management team and customer relationships already developed by The Modular Analytics Company, which have been helping to deliver transformational change across a range of sectors” says Councillor David Molyneux, GMCA lead for Investment and Resources.

“The continued development of TMAC’s advanced product suite will help to develop and advance Greater Manchester’s already thriving digital economy, while also at the same time bringing high-quality jobs and career opportunities for the city-region.”

Foresight was impressed by TMAC’s desire to take advantage of the local talent in the Midlands, which made this investment opportunity compelling for Foresight’s Midlands Engine Investment Fund.

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 has extensive experience in this sector, and I am pleased they have selected Foresight as their partner for the next exciting phase of their journey” says Jordan Lavender, Investment Manager, Private Equity Team at the Foresight Group.

“TMAC’s goal is to become world-famous for its SaaS products, and this commitment from our investors further underscores our ambitions,” says Jimmy Hosang, CEO of The Modular Analytics Company.

“As a proud Mancunian who lives in the heart of the city, it’s always been my passion to put Manchester on the map when it comes to technology and creativity. This sentiment is echoed by George Hartshorn, our Chief Data Scientist and Product Officer, who has an equal affinity for the Midlands."

Looking forward to 2022, Hosang says the funding from investors heightens the company’s product offering to businesses and includes enhanced product integration, even faster deployments, and growing the TMAC team’s expertise across speech analytics, data engineering, product UX, and marketing.

Learn more about TMAC here.

About The Modular Analytics Company

The Modular Analytics Company (TMAC) is a rapidly expanding artificial intelligence and machine learning solution provider that helps make every conversation valuable. They deliver affordable AI and ML solutions in customer engagement, customer service and coaching across a variety of sectors including retail, banking and financial services.

The Modular Analytics Company was founded by Jimmy Hosang and Sean Northam in 2018 to change the way data science is understood and applied. The philosophy of the company is to enable businesses to drive value in weeks, not months with their easy to use and quick to deploy products. At the heart of the company are TMACCERS; insatiably passionate experts who are as tenacious as they are experienced.

About Foresight Group LLP (“Foresight”)

Foresight Group was founded in 1984 and is a leading listed infrastructure and private equity investment manager. With a long-established focus on ESG and sustainability-led strategies, it aims to provide attractive returns to its institutional and private investors from hard-to-access private markets. Foresight manages over 300 infrastructure assets with a focus on solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets. 

Its private equity team manages eight regionally focused investment funds across the UK, supporting over 120 SMEs. Its Foresight Capital Management team manages four funds investing in listed real assets with environmental and social benefits, exceeding £1.3 billion Assets Under Management (AUM). Foresight operates from 12 offices across six countries in Europe and Australia with AUM of £8.1 billion as at 30 September 2021. Foresight Group Holdings Limited listed on the Main Market of the London Stock Exchange in February 2021.

About the Greater Manchester Investment Fund

The Greater Manchester Investment Fund is a series of investments made by GMCA aimed to encourage business growth and further investment in property and the infrastructure of our city-region.

Overall, our ambition is for Greater Manchester to become a financially self-sustaining city, sitting at the heart of a Northern Powerhouse with the size, the assets, the skilled population as well as political and economic influence to rival any global city.

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