The Data City, a Leeds-based firm, has secured a six-figure investment which will enable it to expedite the implementation of its AI-driven data platform across the globe. The platform offers real-time company data centred on emerging economic sectors that is gathered from various sources, including open data sets and company financials, thereby enabling users to make swift and easy discoveries. The Data City’s UK platform currently boasts a database of more than 5.3 million UK companies and over 350 real-time industrial classifications (RTICS). The investment funds come from Venturian, a Yorkshire-based venture capital firm that previously supported The Data City. It values the tech start-up at £10m, six years after it was established.
The aim of the investment is to support the growth of the team at The Data City, to increase the firm’s number of third-party data providers to bolster the insight capabilities of its platform, build capacity, and expand its customer base globally. The enterprise’s international product offers access to more than 94 million companies, including the United States and Europe, across 11 core territories, enabling governments and investors to direct policy and capital on an international scale. Furthermore, The Data City’s data is underpinned by CreditSafe’s global financial company data.
According to Alex Craven, CEO of The Data City, “The investment comes after a landmark year for The Data City. The team achieved 100% growth year-on-year and achieved record profits. 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.” The firm will use the funding to create at least five new jobs in the next 12 months.
Venturian’s investment director, Greg Allsopp, said, “We are pleased to be a part of that journey and work with a talented management team. The Data City is changing the way companies and organisations use data to inform the decisions that matter. It has quickly established itself as a respected data partner in the UK and is ready to take the next step in its global expansion.”
The Data City’s recent investment will help it in expanding its customer base and increasing its number of data providers and will further support its expansion into a global Data as a Service (DaaS) company.
