A Bristol-based data and AI consultancy has secured a £200,000 loan to help accelerate its growth.
DATA3 will use the cash injection from the British Business Bank's South West Investment Fund to increase its workforce.
Founded in 2017 by tech entrepreneur Helen Tanner, DATA3 helps SMEs globally to power their growth by leveraging data and AI. The award-winning business has delivered more than 300 projects to date and has a multi-million pound turnover.
Ms Tanner said: “This is an exciting phase of our journey and we’re using this finance to scale up the business and create new jobs for local people passionate about data-driven and AI-powered products."
Jordan Berg, investment executive at FW Capital, who led the deal, said: “DATA3 is a strong, well established female-led business operating in a rapidly growing sector.
"Data analytics and AI are becoming increasingly more important for all businesses. DATA3 are well positioned to maximise new opportunities and continue their growth journey."
The South West Investment Fund provides loans from £25k to £2m and equity investment up to £5m to help small and medium sized businesses to start up or scale up.
Fund manager FW Capital provides debt finance using the South West Investment Fund to businesses in Bristol, Gloucestershire, North and North East Somerset and Wiltshire.
Lizzy Upton, senior investment manager at the British Business Bank, added: “AI is reshaping every sector, and businesses like DATA3 are at the forefront of that transformation.
"The South West Investment Fund is here to ensure that innovative and ambitious companies in our region have the capital they need to grow and compete on a global stage."
Last week, the British Business Bank announced it has committed £6.6bn to back º£½ÇÊÓƵ entrepreneurs and to bolster innovation and industry.
A total of £4bn of this funding will be injected through the new Industrial Strategy Growth Capital initiative, targeting critical sectors such as advanced manufacturing, clean energy, digital technology and life sciences.
