UK-based provider of analytics services to grocery retailers and suppliers Atheon Analytics has secured a £5m ($6.35m) funding round from private equity investor EmergeVest in exchange for a minority shareholding.

Atheon will use the additional capital to accelerate its growth plans, as well as apply technology to its SaaS portfolio for the UK grocery supply chain.

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Atheon Analytics chief executive officer Guy Cuthbert said: “We are delighted to accept this investment from EmergeVest, both as recognition of the business we have built to date working with the ‘Big Four’ grocers, and as an endorsement for the next stage of our growth plan to address the broader grocery retail market.

“We are passionate about our mission to humanise data, with SKUtrak a broad-scale demonstration of this for grocery retail flow-of-goods.

“Backing from EmergeVest enables us to extend the reach of SKUtrak to 3,000 suppliers of the ‘GCSCOP Ten’ the top ten UK grocers and drive greater value and efficiency from this complex supply chain.”

“We are passionate about our mission to humanise data, with SKUtrak a broad-scale demonstration of this for grocery retail flow-of-goods.”

Following the transaction, Cuthbert and Atheon commercial director Ian Hall will continue to serve in their respective roles.

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The company has also named software industry expert Craig Sears-Black as its non-executive chairman.

Atheon combines visual analytics expertise with advanced algorithms to offer automated analysis tools for the grocery retail supply chain.

The company software tools such as SKUtrak SaaS suite allows suppliers of supermarkets to improve availability, reduce waste and serve shoppers and consumers with products and service.