Edinburgh-based venture capital firm Par Equity has led a £3m follow-on investment in data management business Datactics.
The Belfast-based business provides software and services to large organisations seeking to improve and control the quality of the data held in their computer systems.
The artificial intelligence-enabled platform aims to allow staff who are not IT specialists to efficiently deduplicate, clean-up and enrich the information in their lines of business.
Datactics’ key customer base is in highly-regulated sectors such as financial services and government agencies.
Sales have grown strongly over the past 12 months, with new clients in Amsterdam, New York and London.
Datactics, which has a team of 50, will use the new funding to accelerate its growth by investing in sales resources focused on London and New York.
Chief executive Stuart Harvey said, “It’s clear that in 2021 businesses are stating that data quality has never been more important.
“We are seeing major investment in data governance worldwide, with firms investing heavily in data management tools for governance.”
Aidan MacMillan, investment manager at Par Equity, said: “Datactics has an extremely strong technology platform and some great clients – its revenues have more than doubled in the last two years and we are confident this growth trajectory will continue.
“The AI solution is designed to be easily explainable, which makes risk averse clients, like banks, more comfortable with adopting the technology.”
Par Equity, a specialist investor in high-growth early-stage technology businesses, originally backed in Datactics in 2019.
The current investment round, which is also supported by other existing investors, Kernel Capital and Clarendon, will see the company grow to beyond 50 employees and into profitability.
Par Equity were advised on the transaction by Grant Edwards and Rebecca Laverty of TLT.
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