Leeds tech company, The Data City, is planning for international growth following a 6-figure investment.
The cash comes from Venturian Funding and Investment Group and will be used to support UK and international expansion plans, as well as developing its AI platform.
“We’ve been talking with the Venturian team for some time and we’re delighted to be working with them not only to consolidate our position in the UK, but to expedite our plans for international expansion,” said founder Alex Craven.
Craven argues that industrial and economic analysis is hampered by the current system of Standardised Industrial Classification, which hasn’t been updated since 2007. His company’s solution is to use an AI-based system of “Real-time Industrial Classifications (RTICs), to classify companies according to the text they use on their websites. This is then matched to Companies House records to allow analysts to understand how and where new types of companies are forming.
“The Data City’s ambitions to become a global solution to the problems of industrial classification are extremely exciting. This investment will allow them to develop their technology and grow the team at pace to support their plans for 2022 and beyond,” added Greg Allsopp, Investment Director at Venturian.
The Data City reported “record growth” over the last 12 months, with new clients including The Home Office, WPI Economics and Transport for the North.