A Newcastle tech firm that creates neuro-inclusive products to help individuals with hidden learning needs has secured £4m equity investment to grow.
Cognassist has won the backing of private equity firm Gresham House Ventures and now plans to grow its share of the the education market and break into the enterprise market, where it says demand for neuro-inclusive solutions for employees is rapidly growing. Founded in 2019 by entrepreneur Chris Quickfall, Cognassist provides software that uses a cognitive dataset help identify and then support people with otherwise hidden learning needs.
As part of the deal, Gresham House Ventures has helped Cognassist appoint Nerissa Naidu to the firm's board. She brings senior experience from previous roles at global consulting firm Accenture and AIG and will advise the North East company on its environmental, social and governance strategy, as well as its technology and revenue generation strategies.
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Joe Krancki, investment director at Gresham House Ventures, said: "Having established a market-leading education product, Cognassist is at the forefront of this rapidly developing sector and is well positioned to expand into the enterprise market. The Cognassist team is passionate about transforming how neurodiverse individuals are perceived and supported in the workplace, and we look forward to working with them to increase understanding and productivity across the UK.
Chris Quickfall, founder and CEO of Cognassist, said: "This investment will facilitate a significant expansion for Cognassist into the enterprise market, where our science-backed technology will enable businesses to support neurodiverse employees and ensure they are able to reach their full potential. Gresham House Ventures has an outstanding track record of scaling technology-driven businesses like ours, so we are excited to work with the team over the coming years as we look ahead to the next phase of our growth."
Nerissa Naidu added: "We are finally witnessing increasing recognition of the barriers that neurodiverse employees can face in the workplace, and a growing number of businesses are looking for effective diversity, equity and inclusion solutions that support these individuals. Cognassist aims to do just that and I look forward to working with Chris and the team to deliver on their goals."
The deal was co-led by Gresham House Ventures' Matt Jones and Joe Krancki and Carl Swansbury of RG Corporate Finance advised Cognassist management. As part of the due diligence process academic, author and professor of psychology Adrian Furnham, who supported the scientific basis for Cognassist’s approach, was consulted.
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