Data analysts set to expand following £1m cash boost
A Belfast company which specialises in analysing huge amounts of data has managed to raise over £1m in funding.
Analytics Engines which "accelerates applications for databases and big data" said it will use the money to speed up the development of new products, break into new markets and explore overseas markets.
Analytics Engines' products are designed to offer significant benefits to companies that need to run faster, more accurate analysis on large volumes of data – such as those in the finance, genomics, utilities and database sectors.
Dr Stephen McKeown, CEO of Analytics Engines, said the companies technology saves time.
"Tasks that formerly took hours to perform are now possible in minutes – this creates significant business opportunities that were unobtainable only a few years ago," he said.
"We are very excited with this new funding round as it will allow us to more rapidly progress our product roadmap, improve our product portfolio and diversify our offering into new markets."
Deirdre Terrins, who led on the origination and completion of the investment for Crescent Capital as investment manager, said the deal shows the funds belief in the sector.
"This investment demonstrates our belief that Analytics Engines is building highly attractive and disruptive technology, which is at the forefront of the needs of businesses now and in the foreseeable fast paced future of big data across high growth sectors. We are looking forward to supporting the development and success of this exciting proposition," she said.