The new jobs will range from roles in software development and engineering to sales and management for its AI-powered platform.
Belfast-based data management start-up Datactics is investing £2.3m in R&D, skills development and the creation of 18 jobs.
A spin-out of Ulster University, Datactics develops an AI-powered platform for companies to manage the various swathes of data at play in their business. It is targeted at professionals in sectors such as financial services who are not familiar with the more technical aspects of data quality management.
In May, Datactics raised £2m in fresh funds led by Par Equity to expand its sales operations in the London and New York markets. Supported by Invest NI, the start-up has plans to enter new markets in Asia such as Japan and Singapore.
“We’ve seen increasing demand for artificial intelligence (AI) and machine learning (ML) across the fintech and regtech sectors,” said Datactics CEO Stuart Harvey, who is also a tech investor and previously co-founded market data start-up Harco, which was sold to NYSE.
“We’re using this £2.3m investment to take advantage of this growth opportunity which will help us to increase our visibility on the global stage by expanding our team, innovating and driving export growth.”
Invest NI has provided £347,601 to support the creation of new jobs in software and AI development, support engineering, sales and management. Five of the roles are already in place.
The planned R&D project will use machine learning to develop new analytics functionalities for the Datactics data quality platform.
“By creating 18 jobs, investing in technical, digital and sales skills, and with our new data academy for graduates, we will be able to expand our team’s capacity and expertise to secure new sales in these markets,” added Harvey.
Datactics has previously raised £1.2m in 2019 in a round led by Kernel Capital and Par Equity. The company has also undertaken a knowledge transfer partnership with Queen’s University Belfast to extend the capabilities of its data quality applications and develop new knowledge-driven analytics.
George McKinney, Invest NI’s director of technology and services, said that the Department for the Economy in Northern Ireland has identified fintechs and digital businesses using AI and data analytics as key to shaping the region’s future.
“Datactics will positively contribute to this vision through its investment. This will further enhance both its reputation, and NI’s as a leader of innovation,” he said. “Once all are in place, the 18 roles will contribute over £700,000 of additional annual salaries to our local economy.”
Updated, 2.15pm, 26 November 2021: This article previously said Datactics was a spin-out from Queen’s University Belfast, but was updated as the start-up was founded at Ulster University.
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