Belfast’s Datactics raises €2m to drive global AI business

Datactics operates in the fast-growing AI-enabled data and data quality management industry and global sales have grown strongly in past 12 months.

Fast-growing Northern Ireland tech business Datactics has raised £2m in a funding round led by Par Equity.

Belfast-based Datactics provides software and services to large organisations that need to improve and control the quality of the data held in their computer systems.

“It’s clear that in 2021 businesses are stating that data quality has never been more important”

Sales have grown strongly over the past twelve months and it has won new clients in Amsterdam, New York, and London. Datactics, which has a team of 50, will use the new funding to accelerate its growth by investing in sales resources focused on London and New York.

The current investment round, which is also supported by other existing investors Kernel Capital and Clarendon, will see the company grow to beyond 50 employees and into profitability. 

Knowing what good data looks like

“It’s clear that in 2021 businesses are stating that data quality has never been more important. We are seeing major investment in data governance worldwide, with firms investing heavily in data management tools for governance,” said Stuart Harvey, CEO at Datactics.

“Our core strength in the area of self-service data quality and matching is an essential requirement for many firms wishing to identify broken data and fix it. Our platform allows companies to centralise the controls necessary for data management but, crucially, federate out the fixing of broken data to subject matter experts – the people who know what good looks like.”

The AI-enabled platform allows staff who are not IT experts to efficiently deduplicate, clean-up and enrich the information in their lines of business.

For businesses that have information spread across many databases, the products enable them to give their customers a better quality, more joined-up service, while reducing their costs.

“Datactics has an extremely strong technology platform and some great clients. Its revenues have more than doubled in the last two years and we are confident this growth trajectory will continue. Data management tools are increasingly important across all industries,” said Aidan MacMillan, Investment manager at Par Equity.

“The growth opportunities are very attractive.  The Datactics AI solution is designed to be easily explainable, which makes risk averse clients, like banks, more comfortable with adopting the technology. We’re very pleased to continue to our support of Datactics.”

By John Kennedy (john.kennedy3@boi.com)

Published: 5 May 2021

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