Belfast software firm Automated Intelligence secures €1.7m in funding
Company will use funding to focus on growing business in new markets in Europe
Kernel Capital partner Allen Martin; Automated Intelligence’s CEO Simon Cole and CFO Fergus McIlduff; Invest NI director of corporate finance William McCulla; and Bank of Ireland’s head of regional business banking NI Niall Devlin
Enterprise software company Automated Intelligence has secured £1.6 million (€1.7 million) in funding to help expand its fast-growing business.
The investment is being led by Kernel Capital, comprising a £750,000 (€822,000) investment from the Bank of Ireland Kernel Capital Growth Fund (NI) and backing from private investors.
It follows Kernel Capital’s initial funding in 2017. The follow-on funding has been a boost for the Belfast-based company, chief executive Simon Cole said, providing confidence for the firm.
“It’s an interesting time for us,” Mr Cole said. “We’ve had a lot of success over the past while.”
The company’s cloud-based data management platform, AI.datalift, helps customers gain insight into and control over their data, with clients that include the UK department of the environment, food and rural affairs, Crossrail and NHS trusts.
Automated Intelligence also works with Microsoft to deliver its cloud-based technology such as Office 365 to organisations in banking, government, professional services, utilities and health.
The company will use the funding to focus on growing its business in new markets in Europe and growing its market presence. It will also invest in development, examining new capabilities requested by its customers.
Mr Cole said Brexit was not impacting on the company yet. He said he was confident the company would continue to thrive by focusing on what it could offer businesses.
“All companies need to sort out problems, and those problems exist regardless of whether Brexit happens or not,” he said. We have the opportunity to help them make the right decisions for their business, whether that is Brexit, GDPR etc.”
The Bank of Ireland Kernel Capital Growth Fund (NI) was established to help accelerate growth in small- and medium-sized enterprises in Northern Ireland. The fund is part-financed by by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-20, with Invest Northern Ireland committing £15 million (€16.4 million).
“Kernel Capital is pleased to continue its support of Automated Intelligence by leading this £1.6 million investment round,” said Kernel Capital partner Allen Martin. “ Following on from our initial investment in 2017, the company has successfully secured a number of high-value contracts with new blue chip clients and expanded its strategic partner base. This investment will allow the company to build upon that success.”