Cheshire software firm Traverse has secured a £500,000 investment from NPIF – Maven Equity Finance.
Established in 2007, the business is a supplier of intelligent automation solutions to the travel sector and offers services including invoice matching and admin automation to blue chip clients including Booking.com.
Traverse has two key brands: Traverse Automation, which is a solution delivery and consultancy business focussed on AI Automation and Data Warehousing. It also has Cognitive Flow, which is a product business focussed on the development of Intelligent Automation software. This product is sold on a consumption model to enable the wide adoption of affordable intelligent automation into SME markets.
The funding will be used to drive the wider adoption of the Cognitive Flow product more quickly and to innovate new AI-driven components. The business plans to expand into other key verticals going forward, after having previously entered the telecommunications, recruitment and HR space.
NPIF – Maven Equity Finance, which is part of the Northern Powerhouse Investment Fund, has invested over £76 million into over 75 ambitious growth businesses across the North West region, creating over 1,500 new jobs in the process.
James Caplan, investment manager at Maven, said: “Traverse Associates has a strong reputation in the travel sector and is a key market leader in the growing RPA space. With its highly scalable tech and reliability of product, we’re delighted to help the business on its growth journey and expansion into new markets. We look forward to working with the team to achieve their goals.”
John O’Neill, director at Traverse, added: “This is an exciting time for Traverse; we’ve been successfully rolling out our automation solutions for a number of years, and this key investment will allow us to reach a bigger market with our Intelligent Automation product. Maven are a fantastic partner to help us to achieve this objective more quickly.”
