Adelaide enterprise software venture Complexica books $6.5 million

Enterprise software startup Complexica has raised $6.5 million in a round backed by Acorn Capital.

The nine-year-old Adelaide-based technology company has now raised $31 million in outside capital over the past two years as it ramps up the use of artificial intelligence and machine learning in software to optimize and automate sales, marketing and supply chain management.

Complexica’s capacity table already includes several institutional funds, including Perennial Partners, Microequities Asset Management (ASX: MAM) and MA Financial (ASX: MAF), as well as container port operator and client Flinders Ports Holdings.

The enterprise software platform has its own ambitions to be included in the ASX and counts numerous leading food and beverage companies including Endeavor, Arnott’s Group, Metcash, Pernod Ricard, PFD Foods and Asahi, as well as Dulux Group and Pfizer, are among its customer base.

Complexica’s modularized software platform, called decision cloud, helps corporate staff across multiple business functions make better decisions using an AI engine called Larry, the digital analyst. It generates insights and optimized recommendations for sales and marketing personnel from large enterprise datasets, including storage, to improve margins, revenue and overall sales effectiveness.

Matt Michalewicz, CEO of Complexica, said they had developed “a great working relationship” with Acorn over the past year and are pleased to include them as a shareholder.

“Acorn’s $6.5 million investment will be used for expansion and M&A purposes, with some exciting announcements already in the works,” he said.

“As predicted, 2023 will be a monumental year for the company, placing us in a fantastic position for growth and expansion this year and beyond.”

Matt Sheehan, investment director of Acorn Capital, said their investment will help the company realize its full potential.

“We’ve been working on Complexica for almost a year now,” he said.

“During that time we got to know Matt and the team well and were impressed by Complexica’s vision and ability to win over key corporate clients.”