Thought Machine adds former HSBC exec as chair

Andy Maguire has joined as chairman with immediate effect

Credit: Thought Machine/Thought Machine

His appointment follows a funding round in March, where the company raised $83m (£65m). The round was led by venture capital firm Draper Esprit, which has also backed fintech unicorns such as Revolut and N26.

Thought Machine did not disclose a valuation at the time but it is believed to be substantially higher than the £100m valuation placed on it during 2018.

The company raised a further $42m in July with British Patient Capital, with the VC-arm of the Government-owned British Business Bank, contributing.