Belfast tech firm Datactics announces plans to take on 11 new staff
Belfast-based Datactics Limited is using a £1.2m investment to hire 11 additional staff as it builds upon its international customer base across Europe and the US.
The firm, which provides regulatory technology to the banking and financial services sector, is benefiting from a £1.2m cash injection from Kernel Capital and Par Equity.
This is the second round of funding secured by the company from The Bank of Ireland Kernel Capital Growth Fund (NI) in the past 18 months.
The company has grown significantly since the initial investment by Kernel Capital in 2018 and most recently appointed Dr Fiona Browne as head of artificial intelligence.
She will lead a team with Dr Raghad Al-Shabandr, who was also recently recruited following the £1.2m investment.
Matt Flenley, marketing and partnerships manager at the firm, said: "They will teach machines to fix bad data.
"Elsewhere we're significantly expanding our data engineering team with six new hires, three of whom will start by the middle of July.
"These people are responsible for tailoring our software to clients' specific needs, teaching them how to get the most out of it, and then rapidly moving to the next project."
Mr Flenley said the funding has also enabled the company to create jobs in finance, marketing and software development, which will allow Datactics Limited to expand to meet customer demand.
In order to accommodate the additional staff, Datactics Ltd is also preparing to open a new office at Lanyon Quay in Belfast, to accompany its existing site at the building.
Datactics provides data quality and matching software to the financial services industry and government departments to help financial firms measure, clean and match data ahead of a regulatory reporting, business intelligence or analytics process.
Allen Martin, partner at Kernel Capital, said: "The Bank of Ireland Kernel Capital Growth Fund (NI) is pleased to continue its support of Datactics by leading a further £1.2m investment round.
"Led by Stuart Harvey, the company is developing its reputation as a go-to supplier for data quality software solutions and this has been evident through significant new blue-chip customer sales wins across both the financial services and government sectors.
"This investment will allow the company to invest further in its innovative product suite and will help support its ambitions to scale into international markets."
The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth.
Invest NI has committed £15m to the fund which is part-financed by the European Regional Development Fund.