Peroptyx, a Castlebar-based machine learning company, has raised €1.7 million in a seed funding round.
The start-up is chaired by physicist Dr Dennis Jennings, who is well-known for his role in the early design and development of the internet.
Founded in 2018 by Paul McBride and Maeve Bleahene, Peroptyx has designed solutions that allow customers to rapidly adapt their machine learning models to reflect real-world behaviours.
Delta Partners led the funding round with Enterprise Ireland, the Western Development Commission and angel investors from the Republic and the US, also participating.
Mr McBride said the financing will be use to take on additional staff across a number of areas as it looks to scale to 30 new markets across Africa, Asia and the Caribbean over the next three years.
“We are delighted to secure this latest investment, which will help our team grow further over the next 18 months and enable us to expand beyond our current 20-market footprint.” said Mr McBride
Among the roles the company is hiring for are data scientists and software engineers.
“The demand for solutions that build more trust and less bias into machine learning models and data is growing rapidly, translating into a market growth rate forecast of 35 to 40 percent in 2021 alone. We are excited by the possibilities this investment brings to Peroptyx, and believe we are well placed to address this growing market with our unique solutions,” said Dr Jennings.
The physicist the first Irish person to be inducted into the Internet Hall of Fame in 2014, joining other early pioneers such as Sir Tim Berners-Lee and Vint Cerf.