# Convergence Labs

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/convergence-labs

- Industry: Software
- Headquarters: UK
- Website: www.convergence.ai/
- Total disclosed funding: $12M
- Latest round: Seed (Jul 11, 2024)
- Investors on record: 3

## About

Convergence Labs Limited, based in the UK, provides innovative AI-powered automation tools for data analysis, including their flagship product Proxy, designed to enhance efficiency and productivity across various sectors.Founded in 2024, Convergence Labs Limited specializes in AI-driven automation solutions. The company is headquartered in the UK and was co-founded by Andy Toulis and Marvin Purtorab, who has a history of entrepreneurial ventures. The firm raised USD 12 mn in pre-seed funding on September 25, 2024, led by Balderton Capital with participation from Salesforce Ventures and Shopify Inc. The total amount raised to date is USD 12 mn, reflecting a current company valuation of USD 38.12 mn.Convergence.ai focuses on delivering advanced AI-driven tools for automation and data analysis. Their main product, Proxy, is a web-browsing agent facilitating automation of tasks like data entry and market research. This solution is tailored to boost productivity for clients across diverse sectors, including e-commerce, digital marketing, and research, primarily in North America and Europe.The company generates revenue predominantly through subscription models for Proxy, offering various pricing plans that cater to individual users and large enterprises. Subscriptions are available on both annual and monthly bases, supporting flexible access to the software while accommodating B2B partnerships and direct-to-consumer sales.Following the recent funding of USD 12 mn in September 2024, Convergence Labs Limited plans to accelerate the development of enhanced models for Proxy. The company aims to launch new features and products in 2025 while exploring expansion into new markets, particularly targeting regions with high digital transformation needs. This funding will provide the necessary resources to support these strategic initiatives.

## Funding rounds

- Seed, Jul 11, 2024, $12M — Balderton Capital, Salesforce Ventures, Shopify Ventures

## Investors

- Balderton Capital (https://capitalatlas.ai/funds/balderton-capital) — Seed
- Salesforce Ventures (https://capitalatlas.ai/funds/salesforce-ventures) — Seed
- Shopify Ventures (https://capitalatlas.ai/funds/shopify-ventures) — Seed