Venture capitalist firm, Venturian, has invested a six-figure sum in The Data City, a scale-up data company that has been valued at £10m just six years after its launch. The Yorkshire-based backer is providing the funding to enable The Data City to add to its team, expand its global customer base and increase its third-party data providers.
The company’s platform incorporates CreditSafe’s global financial data and offers access to 94 million businesses globally. The investment is a “vital stepping stone” for The Data City as it targets being “a global data as a service (DaaS) company”, said Paul Connell, the executive chair of The Data City.
To bolster its global consolidation, The Data City’s Classification AI and proprietary RTICs will combine with worldwide company data for the first time, available on its world-class platform. “Our plan was always to take our data platform to a global audience, enabling decision-makers to benefit from a real-time, AI-driven understanding of the world’s industries,” said Alex Craven, the CEO of The Data City.
The company will create up to five new jobs over the next year, building on the 100% year-on-year growth and record profits it achieved last year. Greg Allsopp, investment director at Venturian, said that The Data City was changing “the way companies and organisations use data to inform the decisions that matter”.