In a funding round led by Guinness Ventures in collaboration with White Horse Capital, Forestreet, has received a £2.75M equity investment. Forestreet is a next-generation AI-powered automated research platform.
The new funding empowers Forestreet to further disrupt the research sector, enabling those who have been traditionally locked out from research services by expense and exclusivity to access affordable, best-in-class research analytics, via a subscription model.
The age of analytics in business
At a time when phenomena can be attributed to data values from assigned data points, so much has become instrumented. In fact, data experts argue that with modern analytics, it is impossible for an entity to not generate data. Operating physical systems, transaction processing, communications sending, and movement in a world full of sensors generates data as a byproduct.
So what’s all this data worth? Data’s value trickles down to its uniqueness, how it will be used, and by whom. Understanding the value in these small bits of information that need gathering, sifting, and analysing is a tricky proposition, particularly because organisations cannot nail down the value of data until they are able to clearly specify its uses, immediate or potential.
Thoroughly analysed data may yield nothing, or yield the key to launching a new product line or making a scientific breakthrough. It could affect just a small percentage of a company’s revenue today, but it could be a key driver of future growth.
Many organisations have seen this potential and are hungry to use data to grow and improve performance. Multiple players are also seizing market opportunities created by this explosion in demand. There are many steps between raw data collection and the actual application of data-derived insights. These have created openings to monetize and add value at many points along the way. Complex data ecosystems have consequently been rapidly evolving.
Providing cutting-edge tech at a fraction of the cost
Forestreet was founded 5 years ago by Alex Miller, former COO of Octopus Ventures and David Doyle, a former PWC partner. The London-based company has been developing its technology with and providing services for some of its marquee clients, including three of the ‘Big Four’ consultancies and several leading investment firms.
Forestreet provides independent advice to executives on selecting the right partners in order to convert digital strategies into commercial success. To support this proposition, Forestreet has developed its own proprietary database of over 29K global digital change agents.
Its product, a B2B SaaS provides market data for competitive intelligence, market mapping, M&A target lists and technology advisory. Forestreet’s automated research platform can map every company and product in a market down to feature level on demand to provide real-time, data-led insights.
The firm’s mission is to democratise data and provide unbiased insights into the world’s technology markets. It aims at ignoring marketing spend and spin, thereby ensuring all companies can access insights to support innovation and productivity.
Forestreet is certified B-Corp, meaning it’s committed to being a net-zero business, achieving its goals without damaging the social or physical environment, ensuring its approach is always ethical and accessible to businesses of all sizes.
David Doyle, Co-founder Forestreet remarked, “We are on a mission to replace analysts with analytics. We want to eliminate the bias that keeps challengers and innovators hidden from customers; to offer an alternative to the dominant model of opinion-based research, that has not changed fundamentally in 40 years. This funding will help us ensure that more users can find every relevant company in a market in hours rather than weeks and have the data to compare them objectively.”