Belfast-based Automated Intelligence boosted by fresh £1.6m funding round
Bank of Ireland has led a £1.6m fresh round of private equity funding for Belfast-based tech firm Automated Intelligence.
The bank's Kernel Capital Growth Fund has pumped £750,000 into the venture, bringing its total investment in the firm to date to £1.7m.
Set up in 2010, Automated Intelligence creates data management software to meet the needs of the fast-moving world of tech.
The company has built what it calls one of the most powerful and intuitive data management platforms in the world, AI.DATALIFT.
The Belfast firm also holds gold status as a Microsoft partner, working directly with several teams within the global tech giant.
Chief executive Simon Cole said the scope of the platform the company has developed is vast. He said the fresh funding round would help it grow to meet the demand.
"We have high expectations over the next 12 months and we believe we are poised to take advantage of the hard work we have been doing over the past number of years.
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"The beauty of our product set is that it is not vertical-specific; we can help all customers in all sectors in all industries with their data management challenges. From a company perspective, that's going to require growth in terms of technical capability as we embrace more technologies and expand our use of machine learning and artificial intelligence, and we will use this investment to facilitate this key growth and R&D."
The Bank of Ireland Kernel Capital Growth Fund (NI) was set up to help small and medium enterprises in Northern Ireland accelerate their growth.
Backed by a £15m commitment from Invest NI, the fund is also part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.
"Kernel Capital is pleased to continue its support of Automated Intelligence by leading this £1.6m investment round," said Allen Martin, partner with the private equity fund.
"Following on from our initial investment in 2017, the company has successfully secured a number of high-value contracts with new blue chip clients and expanded its strategic partner base.
"This investment will allow the company to build upon that success."
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