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An Adelaide-based AI software company whose platform is used by the likes of Kellogg’s, Pfizer and Endeavour Group (ASX: EDV) to optimise sales and supply chain decisions has secured an additional $1.4 million investment from Perennial Partners.
The news comes two months after Complexica received $3 million from the Melbourne-based investment firm, which has also committed to providing a further $1.6 million if company performance targets are met.
Complexica’s AI software is used to optimise the promotional planning and pricing of products, inventory management and resource allocation, as well as analyse sales performance for companies with a large SKU (stock keeping units) range and a long tail of customers.
Founded in 2014, the company employs more than 100 staff across four offices and counts Microequities Asset Management (ASX: MAM), ports and logistics operator Flinders Ports Holdings and investment bank MA Financial (ASX: MAF) as investors.
The latest deal with Perennial Partners brings the total amount of capital invested and committed to Complexica to $25 million over the last 18 months.
“We are very happy to announce this increased investment and vote of confidence from one of Australia's best known fund managers, and look forward to working together to execute on our 2023 growth plans both domestically and overseas,” said Complexica CEO Matt Michalewicz.
“We believe this announcement will mark the beginning of an exciting year for us, packed with an agenda of significant initiatives that Complexica is actively pursuing.”
Perennial Partners manages more than $8 billion on behalf of institutional and retail clients, having previously backed funeral company Bare, fintech Lumi and autonomous mapping startup Emesent.
Under the company is Perennial Value - a boutique fund manager specialising in investing in Australian equities, as well as Perennial Private Investment, which manages more than $700 million across a series of private company and pre-IPO funds.
"We are excited to increase our investment in Complexica not long after making our initial commitment," said Perennial Value management portfolio manager Ryan Sohn said.
"Since our initial investment, we have been very impressed with the company's execution and efficiencies, and have therefore selected Complexica as a core holding for our fund.
“We are looking for companies with excellent people and an excellent product, as well as category leadership in growing sectors, and we believe Complexica ticks all these boxes."
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