AI pioneer Adoreboard gets funding boost to expand software used by top brands
A software company which uses artificial intelligence to monitor emotional engagement with brands has secured funding enabling it to create six jobs.
Technology developed by Adoreboard, which is based in Belfast, has been used by major brands like Nike, BMW and Three Mobile.
The company employs 11 people at its new offices on Queen Street. Now it's won funding from the Halo Business Angel Network (HBAN) and Co-Fund II, which has helped it win new contracts and create jobs.
One of its deals was with the global investment firm Franklin Templeton.
Adoreboard was set up by chief executive Chris Johnston eight years ago.
Mr Johnston said: "Our software measures human experience through emotion AI and this is critical if you want to deliver business impact through better employee and customer experience."
And he said winning the HBAN funding had been a catalyst for growth.
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"We've added a number of new customers including Franklin Templeton on employee experience and major fast-moving consumer goods (FMCG) brands on customer experience," he said.
"This month, we relocated to a new office on Queen Street and that will support our growth in the years ahead.
"The new roles will be a mixture of sales and marketing, data analysts and engineering roles to help us expand our global presence further."
He added: "The Business Angels we have worked with have brought a wealth of experience to the company and have provided us with opportunities to expand the business internationally."
HBAN is an initiative of Enterprise Ireland, InterTradeIreland and Invest NI which promotes investment by Business Angels on both sides of the border.
It has over 50 registered members in Northern Ireland. Co-Fund II is part of the Invest NI Access to Finance portfolio, and is managed by Clarendon Fund Managers.
Michael Black, one of the business angels to invest in Adoreboard, said: "Adoreboard is an indigenous company that is changing the way brands market their products through innovative AI. I'm delighted to have invested in the company and look forward to sharing my experience in the tech sector with Chris and his team."
Brian Cummings, investment director at Clarendon Fund Managers, said: "The recognition by Gartner is a testament to the strength of the Adoreboard platform and this latest funding round will help the company transition through its next phase of growth.
"HBAN gives companies the opportunity to pitch for business investment as well as access to investors who have the knowledge and experience to take their business to the next level.
"We would encourage companies looking to grow to get in touch to see how they can pitch at our next event."