Par Equity, an Edinburgh-based early-stage VC firm that backs the most innovative, high-growth technology companies, has led an investment of £2 million in Datactics. Other existing investors, including Kernel Capital and Clarendon, also participated in the round.
The company will use the new funding to accelerate its growth by investing in sales resources focused on London and New York.
Data quality tech
Based out of Belfast, Datactics provides software and services to large organisations that need to improve and control the quality of the data held in their computer systems.
According to the company’s claims, the AI-enabled platform allows staff who are not IT experts to efficiently deduplicate, clean up and enrich the information in their lines of business.
Strong sale, new clients, and more
The company has a customer base in highly regulated sectors such as financial services and government agencies, and the platform is preconfigured to meet their specific requirements.
Datactics says that its sales have grown strongly over the past twelve months, and it has won new clients in Amsterdam, New York, and London. At present, the company employs around 50 people.
Stuart Harvey, CEO at Datactics 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.”
Aidan MacMillan, Investment Manager at Par Equity 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 our support of Datactics.”
Mr. Harvey added, “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. ”