Datactics raises £1.2 m seed investment from Par Equity and Kernal Capital

Belfast, London, New York, Brussels, Milan, 14th May 2019

Scottish investment firm co-ordinates £1.2m round with involvement from Par Syndicate, the Par EIS fund and Kernel Capital.

We are pleased to announce the closing of a £1.2m round of investment led by Par Equity, the Edinburgh investment fund, marking the completion of a package commenced in 2018 with Kernel Capital.

We have grown significantly in the past 18 months since we have moved to our new headquarters in the landmark One Lanyon Quay building, setting up a new Machine Learning team and opening new offices in New York and Milan. This funding round has been designed to further accelerate the achievement of ambitious growth plans on the back of tripling revenues in three years and increasing demand for our user-friendly software and associated professional expertise.

Datactics CEO, Stuart Harvey says:

Seldom does a day go by where the possibilities of machine learning aren’t being discussed. We’re as keenly aware as industry commentators that any successful use of this technology will rely on fast access to perfected data, something that has been our sweet spot since we were founded, and in which we’ve been investing continuously throughout my six years at the firm. We’re extremely pleased that Par Equity has come on board at this exciting time in our company’s history and look forward to working with them. Thank you for your continued support and we look forward to sharing more exciting news in the near future.

The Bank of Ireland Kernel Capital Growth Fund (NI) is pleased to continue its support of Datactics by leading a further £1.2M investment round. Led by Stuart Harvey, the Company is developing its reputation as a go to supplier for data quality software solutions and this has been evident through significant new blue chip customer sales wins across both the financial services and government sectors.  This investment will allow the Company to invest further in its innovative product suite and will help support its ambitions to scale into international markets.

Allen Martin, Partner, Kernel Capital

Providing local innovative companies like Datactics with access to much needed finance to grow is exactly why we put in place our Access to Finance portfolio of debt and equity funds. The company’s growth since the initial investment, and their success in securing further investment demonstrates the importance of funds like The Bank of Ireland Kernel Capital Growth Fund (NI).

William McCulla, Director of Corporate Finance, Invest NI

As a banking partner to many businesses we know businesses have been investing for the future – and this investment which supports Datactics in further accelerating their scaling ambition through new product development to increase their competitiveness and successful expansion into international markets. We are delighted to see this further investment in Datactics, reinforcing confidence and support for their growth ambitions.

Gavin Kennedy, Head of Business Banking NI, Bank of Ireland UK

The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth.

Invest Northern Ireland has committed £15 million of funding to this fund which is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.

Press contact: Tania Ahmed ([email protected])

Source: https://www.datactics.com/more-detail-on-the-1-2m-investment-in-datactics/

Manoj Ranaweera

Manoj has founded, failed and successfully exited from a number of technology product companies as well as support organisations since 2004. Among them, Northern Tech Awards and edocr.com were acquired by GP Bullhound and Accusoft, Inc respectively. Today, Manoj is building a trusted support network for technology companies. He is working with founding teams to help them accelerate including raising investment and M&A.