A Leeds artificial intelligence data business is ramping up growth on the back of its biggest investment to date.
The Data City said it will accelerate plans to launch a new global industrial classification system, after securing £2m investment from Oxford Economics. The deal follows a record year of growth for the Leeds AI specialist, having created 10 new senior roles to boost the tech firm’s headcount from 20 to 30.
The company, formed in 2017, secured funding of £350,000 two years ago from venture capitalist firm Venturian, valuing the firm at £10m, and this latest strategic investment almost doubles the value of The Data City to £19m.
The investment will be used to boost The Data City’s global data infrastructure, expand its services for Ƶ-based multinational clients, and fund the initial market development for its US joint venture with leading global economic advisory firm Oxford Economics. It will also provide working capital to support the company’s rapid growth.
The global product represents the first time company data from the US and the rest of the world will combine with the company’s classification AI and proprietary RTICs - all available on one platform.
Alex Craven, CEO of The Data City, said: “Securing this investment rounds off a remarkable period of sustained growth. Oxford Economics shares our vision and ambition of global strategic expansion, which enables us to strengthen our workforce, massively upscale our technological capabilities, and accelerate our global customer acquisition.
“Central to our growth strategy is our innovative global data platform, which provides unparalleled access to insights from millions of companies across the United States and Europe. This extensive platform is underpinned by comprehensive global financial company information, offering our client users a robust foundation for informed decision-making and risk assessment in an increasingly interconnected business landscape.
“We have been focused on our drive towards elevating our existing data platform to a global audience, enabling decision makers to benefit from a real-time, AI-driven understanding of the world’s industries, so to achieve this is a major milestone in becoming a global data as a service company.”
Adrian Cooper, CEO of Oxford Economics, said: “Our clients need access to data that reflects the economy as it is today, not how it was classified in 2007. The Data City is redefining how businesses, investors, and policymakers understand industries. We’re excited to support their next phase of growth.”
