Data management specialists Datactics has received £2 million of funding through an investment round led by Par Equity.
Scotland-based Par Equity, which focuses on young, high-growth technology companies in the North of England, Scotland, and Northern Ireland, originally invested in Datactics in 2019.
The current investment round, which is also supported by other existing investors, Kernel Capital and Clarendon, will see Datactics grow to beyond 50 employees and into profitability. The company will use the new funding to accelerate its growth by investing in sales resources focused on London and New York.
Belfast-based Datactics provides an AI-enabled platform to help companies control the quality of the data held in their computer systems.
The company’s key customer base is highly regulated sectors such as financial services and government agencies and the platform is preconfigured to meet their specific requirements.
In addition, the company’s sales have grown strongly over the past twelve months and it has won new clients in Amsterdam, New York, and London
Datactics CEO Stuart Harvey said: “It’s clear that in 2021 businesses are stating that data quality has never been more important. We are seeing major investment in data governance worldwide, with firms investing heavily in data management tools for governance.
“Our core strength in the area of self-service data quality and matching is an essential requirement for many firms wishing to identify broken data and fix it. Our platform allows companies to centralise the controls necessary for data management but, crucially, federate out the fixing of broken data to subject matter experts – the people who know what good looks like.”
Investment Manager at Par Equity Aidan MacMillan said: “Datactics has an extremely strong technology platform and some great clients. Its revenues have more than doubled in the last two years and we are confident this growth trajectory will continue.
“Data management tools are increasingly important across all industries. The growth opportunities are very attractive. The Datactics AI solution is designed to be easily explainable, which makes risk-averse clients, like banks, more comfortable with adopting the technology. We’re very pleased to continue to our support of Datactics.”
Par Equity recently celebrated a record-breaking year, investing £17 million in businesses between March 2020 and March 2021.
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Adding to MacMillan’s points, Harvey said: “Par Equity’s backing continues to be extremely valuable to Datactics. Their capital has helped us to develop our award-winning and leading-edge technology platform and to invest in our people.
“They have been a strong addition to our board, offering highly insightful and timely guidance to help us accelerate our growth. With this new backing from our investors, we’re excited about adding more blue-chip clients and putting people in-market in New York and Tokyo before the end of the year.”