Brussels-based Tangent Works, an Artificial Intelligence (AI) startup, announced on Thursday that it has secured €4M in a Series A round of funding. Investors in the round include SFPIM Relaunch, FOMCAP IV, Saffelberg and Molenwater Group.
The Belgian company says it will use the funds to accelerate its global expansion.
As a part of the funding round, Leon Cappaert, investment manager at SFPIM, will join the board of directors.
“SFPIM Relaunch is happy to participate alongside Saffelberg, FOMCAP, and Molenwater Group in this round and strengthen a pure Belgian tech scale-up company. We believe the technology of Tangent Works is a true game changer in predictive analytics,” says Cappaert.
SFPIM Relaunch is a subsidiary of the Federal Holding and Investment Company (SFPIM), the Belgian sovereign wealth fund. It supports existing or to-be-created Belgian companies whose business model shows a significant contribution to the transition in terms of mobility, inclusion, productivity, and/or digitalisation.
Tangent Works: What you need to know
Founded in 2014 by Henk De Metsenaere and Ján Dolinsky, Tangent Works enables users to build predictive computer models automatically using a mathematical approach.
The company’s Tangent Information Modeler (TIM) allows companies to leverage their data and bring it to use at scale for a fraction of the cost.
Consequently, users can produce better insights and make better predictions faster without AI-associated difficulties. In addition, Tangent Works claims TIM excels at processing time series data, a challenging task in data modelling.
Currently, the company works with various companies, including SIEMENS, and across utilities, logistics, banks, and industry sectors.
FOMCAP IV is a VC fund focused on early-stage technology investments across the UK and Europe. The VC invests in B2B innovation across four verticals – Fintech, Artificial Intelligence, SaaS, and Industry 4.0.
Wouter Volckaert, partner at FOMCAP IV, says, “We are happy to support Tangent Works in its future growth plans, along with the other investors Saffelberg Invest and Molenwater Group. Tangent Works technology has the potential to become a game changer in the world of AI-based predictive analytics.”