SwiftKey raises $17.5m in series B investment round

Language technology company SwiftKey has raised $17.5m (£11.3m) in a series B investment round led by Index Ventures.

The London-based business, whose predictive text keyboard app was the top-selling paid app on Android’s Google Play store in 2012, will use the capital to fuel further innovation in the fields of Natural Language Processing and Machine Learning, enhance its text entry technology and expand its product portfolio into new areas.

Founded in 2008, SwiftKey has previously received $4m (£2.5m) in equity funding. With revenues growing five-fold year on year, the company has tripled in size to 100 staff over the last 12 months, opened offices in Seoul and San Francisco and moved to a three-storey headquarters in London.

‘Smartphones and tablets are revolutionising the way we communicate – but there’s still so much potential for innovation and we’re determined to lead the transformation of this space. This major finance round enables us to aggressively pursue that vision, breaking new ground with our world-class language technology,’ CEO Jon Reynolds said in a statement.