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 tech company has now taken on $31 million in external capital over the last two years as it ramps up the use of artificial intelligence and machine learning in software for optimising and automating sales, marketing, and supply chain management.

Complexica’s cap 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 customer Flinders Ports Holdings.

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

Complexica’s modularised software platform, called Decision Cloud, helps enterprise staff across multiple business functions to make better decisions using an AI engine called Larry, the Digital Analyst. It generates insights and optimised recommendations for sales and marketing staff from large company data sets, including warehousing, to improve margins, revenue, and overall sales effectiveness.

Complexica CEO Matt Michalewicz said they’d 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 is turning out to be a monumental year for the business, putting us in a fantastic position for growth and expansion this year and beyond.”

Acorn Capital investment director Matt Sheehan said their investment will help the business realise its full potential.

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

“In that time we’ve been able to get to know Matt and the team well and have been impressed with Complexica’s vision and its ability to win significant enterprise customer.”