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TouchType receives GBP275,000 seed investment from Octopus Investments

Octopus Investments has made an investment of GBP275,000 into TouchType, a developer of text prediction technology designed to boost the accuracy, fluency and speed of text entry on mobile and computing devices.

 

The deal with TouchType represents the 19th investment Octopus has concluded this year and is one of Octopus’ first seed investments.
 
TouchType’s core product is the Fluency Prediction Engine, which can boost user writing efficiency by up to 50 per cent compared to a standard Qwerty keyboard. By using natural language processing techniques, Fluency is able to predict what a user intends to write.

TouchType began trading in August 2008 and secured its first contract with a phone manufacturer earlier in 2010, with negotiations with other manufacturers underway. Its consumer keyboard app SwiftKey was downloaded over 250,000 times during a two-month beta.

Investment from Octopus will allow TouchType to continue to develop its technological applications.

Jo Oliver from Octopus says: “TouchType is at the leading edge of next generation predictive text entry, a market that is growing rapidly. From the outset, we have been impressed by the vision, talent and enthusiasm of the founders, Jon and Ben. TouchType is exactly the kind of innovative business into which Octopus is seeking to make seed capital investments, with further funds earmarked for follow-on funding to enable TouchType to realise its full potential.”
 
Jonathan Reynolds, chief executive of TouchType, adds: “Securing Octopus’ involvement as a significant partner at this stage of our company’s growth is incredibly important to us. The investment will allow us to accelerate our product and commercial development and help us make a substantial market impact with our prediction technology. Octopus’ ability to provide further sizeable follow-on investment in future and the benefit of both the experience and extensive venture partner network were key in our decision to involve Octopus in the recent investment round.”
 
Funds were provided from the Octopus Titan VCT funds, the Eureka EIS Portfolio Service and the Octopus Venture Partners.

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