The start-up, which develops a platform for data management, plans to expand into more markets on both sides of the Atlantic.
Belfast software start-up Datactics has raised £2m in an investment led by Par Equity.
The start-up develops an artificial intelligence-powered platform for companies to manage the various swathes of data at play in their business. It is targeted at professionals that are not familiar with the more technical aspects of data quality management.
The company has clients in Europe and the US and will use the new funds to expand its sales operations in the London and New York markets. It currently employs 50 people but plans to grow its headcount following the funding round.
Stuart Harvey, chief executive of Datactics, said that more businesses are cognizant of the importance of data quality and data governance than ever before.
“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,” Harvey said.
“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.”
Harvey added that the company will also be looking toward the Asian market by pursuing clients in Japan.
The investment was led by Par Equity, an Edinburgh-based investment firm that recently said it had a record year for capital deployed despite the pandemic. It focuses on early-stage investments.
“[Datactics’] revenues have more than doubled in the last two years and we are confident this growth trajectory will continue,” Aidan MacMillan, investment manager at Par Equity, said.
“Data management tools are increasingly important across all industries. The growth opportunities are very attractive.”
Existing investors Kernel Capital and Clarendon also participated in this latest funding round. Datactics raised £1.2m in 2019 in a round led by Kernel Capital and Par Equity.