Fund managers: IQ Capital, Molten Ventures
Thought Machine is providing the next generation of core banking platforms using software it has built natively for cloud infrastructure to help banks move away from a reliance on outdated IT infrastructure.
By running this technology in the cloud banks benefit from increased reliability, innovation potential, security and scalability. Banks do not need to install any software or hardware on premises and the software can be maintained, upgraded and delivered remotely.
In July 2020, British Patient Capital co-invested in a Series B funding round of $125m which helped to fund Thought Machine’s rapid growth including adding over 200 staff to its UK operations. British Patient Capital had prior exposure to Thought Machine via its investments in Draper Esprit, which led the Series B round, and the IQ Capital Growth Fund. IQ Capital led the seed round in the company in 2016. British Patient Capital invested again in November 2021 as part of Thought Machine’s Series C round.
Thought Machine has now opened an office in New York and aims for further international expansion as the company executes its global strategy while continuing to develop its software platform, with a focus on expanding its product set and target markets.