Software firm AI in £1.5m cash injection from Kernel Capital fund
BELFAST-based provider of enterprise software solutions Automated Intelligence (AI) has raised £1.5 million to help fund a drive of exports into global markets.
The investment comprises of £1m investment from the Bank of Ireland Kernel Capital Growth Fund, which Tughans advised on, with the remainder provided by an existing private investor.
AI, a leading Microsoft Gold Partner and which boasts more than 100 national and global blue chip, central and local government customers, currently employs 65 people.
The latest new round of funding will enable it to expand into new geographical markets, building on the success the business has achieved over the past seven years (it was founded in 2010 by its current chief executive Mark Godfrey and chief technical officer Simon Cole.
Solutions from AI provide deep analysis on information quickly and accurately, categorising the data before securely moving valuable content to productivity platforms.
And in line with GDPR requirements coming into effect next year, its software automatically enforces appropriate governance across all content to reduce cost, legal and reputational risk while simultaneously improving organisational productivity.
The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth,and it has raised £165m over six rounds. Invest NI has committed £15m of funding to the current fund, part-financed by EU monies.
Kernel Capital partner Allen Martin said: “AI has an impressive and ambitious management team that has successfully engineered and deployed a suite of products that help customers to manage the exponential growth in digital data.
“Against a backdrop of new regulatory data requirements we look forward to supporting the team at AI as they seek to further grow their team in Belfast and scale internationally.”
Gavin Kennedy, head of business banking at Bank of Ireland UK, added: “Through our partnership with Kernel Capital, we are delighted to support AI as they embark on the next stage of their growth plans.
“The ability to securely and accurately manage digital data is of paramount importance to companies across the globe and once again, a Northern Ireland based company is delivering innovative solutions.”