Why we Invested in Ground Truth Intelligence

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What is Ground Truth Intelligence (GTI)?

The Ground Truth Intelligence (GTI) team have developed a simple solution to a big problem in the non-digitised curated intelligence (KYC) space.

The business operates a marketplace model, seamlessly linking requesters of intelligence directly with a vetted network of local providers of intelligence across the globe. The Platform (PaaS) manages the procurement and authentication of local intelligence providers across every corner of the globe.

The primary driver of non-digitised manual investigative research is the uptick in the number, depth and complexity of regulations issued by country Governments across the fields of:

Businesses not taking ESG seriously are beginning to lose customers, employees and financing; and eventually, they will become unviable.

Environmental – effect on: climate change, greenhouse gas emissions, natural resource depletion, waste and pollution, deforestation, hazardous materials and biodiversity.

Social – consideration of: working conditions, including slavery and child labour, impact on local communities, health and safety, employee relations and diversity, mis-selling and data protection.

Governance – conduct in respect of: executive pay, bribery and corruption, political lobbying and donations, board diversity and structure, tax strategy and data breaches

GTI's ability to enable corporates and businesses to be certain they're meeting standards in regard to Crime, Corruption and ESG as well as other sectors is a key driver for their platforms adoption and a big reason why RLC is backing the team to deliver this. This investment resonates deeply with our impact goals and how software can be used to regulate and improve the lives of millions.

Who is behind it?

The GTI Leadership Team

The team boasts a complimentary set of industry expertise and technical skills. Stewart Kelly (CEO) was previously MD of the G3 Good Governance Group and of the European operations of Veracity Worldwide, a New York based mid-sized intel advisory firm. Matthew Hunt (COO) has previously worked with Stewart at Veracity and has also worked in the forensics and research industry for 15 years with Emerging Insights, FTI Consulting and Quantio. Commercial Director Silvia Blake, is a Thomson Reuters veteran of 14 years who built and led sell-side strategy for its various research products and finally Patrick Carter (CTO) is a software security and development specialist who learnt his trade at Veracode for 5 years.

Founder Market-Fit

Founder-Market fit is one of the most important factors influencing our investment decisions at RLC. The breadth of experience that the team at GTI possesses impressed us greatly. The teams collective understanding of the market and industry dynamics, coupled with the technical capabilities to deliver an exceptional product led us to get extremely excited.


Through their industry experience and network, the GTI team have onboarded 30+ clients to the platform thus far. The team has since grown headcount to 9 people and is rapidly increasing its development and sales capabilities to meet a surge in demand for its product.

We at RLC are particularly excited by the growth opportunity that presents GTI. The roadmap includes API connectivity and integrations to create a one-stop-shop for intelligence services on their platform, seamlessly linking business requests with intelligence providers globally.

Market Opportunity

GTI operates in the non-digitised investigative research sector of the intelligence market which exists to help companies assess risks from various third parties around the world. Companies manage these risks within their corporate Governance, Risk and Compliance functions/departments.

The intelligence market is huge at some US$20bn and is growing at a rate of circa 15% per anum**.** The manual investigative research segment in which GTI specifically operates today is estimated to be worth US$2bn globally.

The market opportunity is growing, particularly as we see regulatory frameworks being put in place, especially in anything surrounding ESG. Recently the EU expanded its ESG requirements under the FCPA this dramatically increases the use case for GTI's offering to businesses who now feel the regulatory pressure.

GTI’s tech connects intelligence providers to users in respect of ‘non-digitised information’. This is any information or intelligence that is not accessible or held in a form that can be stored or read by computers.

The saturated nature of the intelligence market, which has been propelled by some big funding announcements, has clearly shown where the intelligence ‘sweet spot’ resides; a massive and neglected provision gap in today’s intelligence market, and there is no other industry provider dedicated to or tech-led which facilitates this offering. Furthermore, the ability for GTI to capture the the digitised component of the market still remains a big play. This is because the market for digitised KYC is not fully developed yet as the tech is not up to standard. Global firms require intelligence in multiple languages from an array of jurisdictions, this cannot be met by current solutions in the market.

As GTI continues to build out its one-stop shop solution for enterprises and corporates, it will have the opportunity to conquer more of the KYC market and embed itself into every investigative research department.

‍Where did we find this deal?

Ground Truth Intelligence came inbound via our website application form.

Venture Pledge

Stewart and the team have yet to decide on their charity. We will update you on this in due course.


The company raised a seed round led by leading angels in which RLC participated.

See more from GTI