EIGHTEEN jobs are being created at Belfast analytics software firm Datactics in a £2.3 million investment in its research and development function.
“Founded at Ulster University, with Innovation Ulster as a seed investor, the company provides data quality solutions to the financial services sector and central government, using its Datactics Data Quality platform to rapidly measure, match, report and fix data assets.”
Datactics, whose offices are at One Lanyon Quay in the city, has seen increasing demand for artificial intelligence (AI) and machine learning (ML) across the financial technology and and regulatory technology sectors.
The cash injection - which is supported to the tune of £347,600 by Invest NI - will see it hire a mix of software and AI developers as well as support engineers, sales and management staff in a bid to take advantage of this growth opportunity.
“The investment will help us to increase our visibility on the global stage by expanding our team, innovating and driving export growth,” chief executive Stuart Harvey said.
“The R&D project will use ML to develop new analytics functionalities for our Datactics Data Quality platform.
“Invest NI’s in-market teams have given us great advice on how to expand in GB and the US, and to enter new markets like Japan and Singapore.
“And by creating 18 jobs, investing in technical, digital and sales skills, and with our new Data Academy for graduates, we will be able to expand our team’s capacity and expertise to secure new sales in these markets.”
Earlier this year investor Par Equity, which supports high-growth early-stage technology businesses, increased its stake in Datactics by leading a £2m investment in Datactics, which has also undertaken a Knowledge Transfer Partnership with QUB to extend the capabilities of its data quality applications and develop new knowledge-driven analytics.
Invest NI's director of technology and services George McKinney said: “Thanks to our dynamic fintech cluster, Northern Ireland is leading the way in international financial services solutions.
“This investment will further enhance both Datactics' reputation, and Northern Ireland’s, as a leader of innovation, and lead to new export wins and job creation.”
He said that once all 18 jobs in place, it will contribute more than £700,000 in additional annual salaries.
