An artificial intelligence spinout company from Cardiff University that has developed a platform to identify online harm and enhance moderation is looking to accelerate growth following a significant equity investment.
Nisien.AI has been backed in the first co-investment between the Development Bank of Wales and the British Business Bank’s £130m Investment Fund For Wales (IFW).
The exact value of the investment, and the ownership stakes taken, have not been disclosed. The IFW is managed on behalf of the British Business Bank, which is the economic development of the 海角视频 Government, by fund manager Foresight.
Founded less than two years ago by two Cardiff University academics, Professors Matt Williams criminology) and Pete Burnap (data science, AI), Nisien.AI uses scientifically informed technology to detect and respond to online harms, such as online conflict, to support healthy debate and conversations.
Nisien.AI, which already has 14 employees, is working with key customers ranging from the top five social media platforms to global brands.
The new investment will enable the company to continue to innovate and scale, making key hires and accelerating R&D to develop and bring to market products like its maiden revenue generating product HERO Detect, which deploys AI algorithms to accurately detect and classify harms across online platforms in real-time.
In addition to identifying and responding to online harms, the company is also working on new AI products based on emerging scientific evidence on ‘what works’ in building cohesive integrated online spaces.
These distinctive products address user/customer retention issues on social media platforms and brand channels, by using a non-censorship approach that protects freedom of expression.
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These products will support content moderation and longer term healthy online conversation and community integration. This functionality is essential given the polarising debate around issues of freedom of speech, where the current option to censor content is sub-optimal for users, platforms and brands.
Alongside the investment, Foresight has introduced an experienced chair, Tony Stockham, to the business. Mr Stockham has worked with Foresight in the past to scale technology businesses and was formerly both an academic and successful entrepreneur in the field of AI.
The founders, who are taking on the roles of chief science officer (Mr Williams) and chief AI officer (Burnap) at Nisien, will also remain employees of Cardiff University. They are supported by senior industry hires, including Lee Gainer, former CFO of Wealthify who has joined as chief executive; Dean Doyle, former head of delivery at HateLab, who has joined as chief operating officer and Rhodri Hewitson, former principal engineer at AM Digital, who has joined as head of engineering.
Mr Gainer: “It’s an incredibly exciting time to be growing a challenger business in this sector. With the Online Safety Act being implemented soon, we believe the growth potential for Nisien.AI is huge.
"With the support of Foresight, the Development Bank of Wales and the British Business Bank, we look forward to accelerating on the great start the business has made since its formation and continuing to grow, creating sustainable new tech jobs here in Cardiff.”
Ruby Godrich, investment manager at Foresight said: “We are excited to be working with the Development Bank of Wales on our first joint investment into Nisien AI. We are keen to see the improvements Nisien.AI will provide to online safety and look forward to working together with the Nisien team.”
Bethan Bannister, senior investment manager at the British Business Bank, said: “The Investment Fund for Wales was established to provide the financial backing that pioneering and ambitious companies like Nisien.AI so often need, and we are pleased to support their growth plans as they continue to innovate and scale.
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" The company has certainly established itself as one-to-watch on the Welsh tech scene and we’re looking forward to tracking their success as they continue on their journey.”
Hannah Mallen, assistant investment executive at the Development Bank of Wales, said: “Nisien is a great example of a Welsh business working at the cutting edge of a rapidly developing field. Part of our aim at the development bank is to support businesses in Wales with strong growth potential and a positive social impact.
"Nisien’s work will be increasingly important in the rapidly evolving and increasingly topical world of social media, and we’re glad to have supported them during this round. We look forward to working with Foresight to support the business.”
Advisers:
Financial due diligence SME Finance Partners (Chris Thomas).
Foresight Legals: Geldards (Alex Butler and Mina Dimitrova isien.AI a pioneering Welsh artificial).
Tech due diligence: Woodstreet Research (Cai Gwinnutt).
Development Bank of Wales legals: Blake Morgan.
Nisien Legals: Acuity.