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Accel backs AI marketing startup in £4m round

Arcane founders
Image credit: Arcane

Venture capital firm Accel has led a $5m (£3.92m) funding round into Arcane, a startup using AI for digital marketing.

The startup, which was founded in late 2021, has created a platform that brings myriad marketing tools into one place including for social, emails and content.

Arcane says it has created an AI ‘co-pilot’ that automates mundane tasks in the background.

“The vast majority of marketers’ time is spent on work other than copy generation, so we see significant potential in augmenting and automating these tasks,” said Ben Hacking, co-founder and CEO at Arcane.

“To do this, we’ve combined the latest AI technologies (retrieval augmented generation, autonomous agents and multi-modal models) to chain together workflows that capture more of marketers’ repetitive activities, giving them time back to focus on higher impact tasks.”

The London-based company plans to use the capital to make hires in engineering and data teams ahead of an open beta launch.

The seed round also attracted capital from investment firms Cocoa, Firstminute Capital, Kima Ventures and Seedcamp.

Part of the funding includes a $1m pre-seed round that the startup had not previously announced.

Monzo co-founder Tom Blomfield, Supercell CEO Ilkka Paananen. WeWork president Anthony Yazbec and Meta’s VP product for generative AI Connor Hayes provided funding as angel investors.

It comes amid a funding boom for AI startups, which has bucked a broader downturn for startup financing.

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