The firm will use the cash to invest in product development and to fund global expansion.

NGDATA’s flagship software product, Lily, combines internal and external data from point-of-sale systems, social media sites and more to provide users with consumer insight.

ING Investment director Tom Bousmans, one of the lead investors, said: “Billions of data points are being generated by consumers every second, creating a massive opportunity for enterprises to better understand their customers and prospects. NGDATA makes it easier than ever for enterprises to quickly use the data to initiate more personalised and dynamic interactions with consumers.”