Cambridge-based startup Alchera Technologies has secured £2.7 million in a seed funding round. Maven Capital Partners led the investment with £2 million, supported by the South West Investment Fund, the Bayes Entrepreneurship Fund, and The FSE Group. Additionally, Innovate UK contributed £700,000, with participation from existing investor Cambridge Applied Research.
The company develops an AI platform that aggregates open and third-party data to forecast traffic patterns up to two years in advance. The software is currently used to optimize roadwork planning on the M25 motorway and to analyze over 300 junctions and 85,000 network links in Lancashire. The platform aims to reduce data analysis time from weeks to seconds.
Alchera intends to use the capital to accelerate product development and expand its engineering and product teams. The startup currently employs 15 people and has added three new hires since the funding round closed. The company aims to double its recurring customer base over the next 12 months and reach a multi-million-pound annual recurring revenue within 36 months.
