Australian regulatory technology company, Encompass, has been awarded a £1.97 million grant from Scottish Enterprise to develop an artificial intelligence (AI) platform for its financial services clients.
Encompass already employs 46 people in Glasgow and has pledged to create more high-value jobs, showing its confidence in the city.
The grant from Scottish Enterprise is part of a project with a total value of £4.9m, which will create 33 jobs in regulatory technology.
The firm’s AI powered technology works by scanning multiple data sources to help its users to identify information about customers and their own organisation that could pose a reputation risk.
First Minister Nicola Sturgeon, who made the funding announcement, said: “Encompass is one of a number of international companies that has chosen to locate and steadily expand its operation, making Scotland an attractive place to grow its business.
“From its Glasgow base, the company has access to markets, a supportive business environment and has been able to identify local talent from Scottish professionals in the engineering and software development sector.
“Backed by almost £2 million of R&D investment from Scottish Enterprise, Encompass will be able to develop artificial intelligence software tools that will assist companies in the financial sector to reduce operational risks associated with meeting compliance and regulatory standards.”
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Encompass co-founder and CEO Wayne Johnson said: “We are delighted to receive this grant, which will allow us to carry out crucial, timely work. There is a considerable demand in our space for a solution of this kind, and this development will be central to us continuing to bring innovative solutions to the market and our customers.
“We are particularly pleased to be able to advance our work in Glasgow in this way. We have enjoyed excellent support and growth here, and look forward to furthering that growth, while bringing in more skilled employees as a result of this project.”