Funds for AI-based 'Marketing Co-pilot' Arcane

London-based Arcane, which provides an AI 'co-pilot for modern marketers', has announced $5m in seed funding, which it will use to grow its engineering and data teams, and to enhance its platform's AI functionality.

Founded in late 2021 by CEO Ben Hacking and CTO Jeremy Frenay, the company was known until two months ago as Coral, with the new name reflecting the 'magic, powerful new technologies' under the banner of AI, and their potential to 'unlock value for marketers across the world'. Arcane groups together clients' content, organic, paid, social and email marketing channels, pulls in data from their various sources and then uses an AI 'co-pilot' to assess and report on their opportunities and activities. The firm, which is currently in closed beta, says it has identified more than 100 tasks the co-pilot can take care of, leaving marketers to get on with being creative.

The round was led by VC firm Accel and follows a previously unannounced $1m pre-seed funding led by Seedcamp - the latter also joined the seed round, along with Cocoa, Firstminute Capital and Kima Ventures and a number of angel investors, including senior execs from Meta and WeWork.

Web site: www.tryarcane.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.