Ammonite, co-founded by Rob Harradine and Caroline Duff, develops hybrid financial advice technology and will use the cash to accelerate its development.

Mr Harradine said: "By leveraging technology, we want to make it easier for financial advisers to provide efficient services and deliver a superior experience to their clients at scale.

“The strategic investment from Industrial Thought is an important step as we share a common vision to drive digital transformation in the financial services industry."

The company develops software that allows advisers to interact with clients online. It said its software allows broader customer reach, higher conversion rates and improved operational efficiency.

It uses artificial intelligence and machine learning to give advisers tools, “to economically serve a larger group of next-generation investors.” It said clients can use pre-built solutions or customise their own ways of interacting.

Nuno Godinho, group chief executive of Industrial Thought, said: "It is the right time to invest in start-ups like Ammonite that are driving change. It offers a solution that enables the industry to create connected wealth journeys for different investment strategies."

He said the industry must put clients' needs first by enabling fully-personalised digital client interaction throughout the process.

A recent study by Deloitte (Wealth and Asset Management 4.0) revealed that 40% of clients now consider digital access to be more important to their decision-making. Three-quarters of wealth management firms believe that the main channel for client interaction will be digital within two years, Industrial Thought said.

Founded in 2013, Industrial Thought, is the parent company for a group of companies, including FSL (Financial Software Ltd), Raw Knowledge, Thought Train and Thought Ventures, offering a suite of data, platform and marketplace services to the wealth management sector.