Flybits looking to Europe after raising $6.5mn

By Mohammed Mestar

Toronto-based technology startup Flybits is targeting growth in Europe after raising $6.5mn from its latest round of funding.

Information Venture Partners led the investment, along with new investor Portag3 Ventures LP and existing partners Robert Bosch Venture Capital and Trellis Capital.

Founded in 2013, the ‘context-as-a-service’ company gives businesses the opportunity to use real-time data to deliver highly-personalized content to users.

By hiding the complexity of data intelligence and contextualisation, its software delivers experiences that help drive digital engagement.

“We are excited by the prospects for Flybits,” said Robert Antoniades, Co-Founder and General Partner at Information Venture Partners. 

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“Financial institutions, and other enterprises, today are sitting on troves of customer data siloed throughout their organizations. 

“Flybits has identified a unique opportunity to give them the ability to make sense of these disparate sources of information and leverage machine intelligence to engage customers in an innovative and unique fashion.”

Flybits currently handles 1.2bn transactions every day globally, with the workforce operating out of bases in San Francisco, London and Singapore as well as Toronto.

“This funding will allow us to ramp up our sales efforts in the United States and Europe, reinforce our existing global presence and expand our product and engineering teams to strengthen Flybits' unique machine learning capabilities,” said D Hossein Rahnama, its Founder and CEO. 

“Our product focus now is simplifying how our customers leverage their data ecosystem and drive customer engagement.”

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