Faculty, a UK-based artificial intelligence (AI) specialist, said it has raised £30mln in a funding round led by the Apax Digital Fund.
In an announcement on Monday, Faculty said the cash injection was the largest investment it has received to date and brings its total investments to nearly £40mln.
It added that the additional funds will be used to expand its ‘AI as a Service’ model as well as support the next phase of growth over the coming years which is expected to create over 400 new jobs.
Faculty also said the cash will accelerate its international expansion, adding that it is already working across five continents and is seeing “growing global customer demand for its safe and customised AI solutions”.
“It’s an incredibly exciting time for artificial intelligence, and for Faculty in particular. Too many organisations haven’t been able to realise the value of AI, because they haven’t had the tools to integrate it successfully into their business. Customers are rightly demanding high-performance technology to unlock the power of data and maximise impact,” Faculty chief executive and co-founder Marc Warner said in a statement.
“Faculty can help elevate an organisation’s performance, whether this enables better operational decisions, or increasing ROI. Apax’s expertise and global network means we will continue to grow at pace, bringing the power of AI to even more customers, helping them to make effective, robust decisions with real-world impact,” he added.
While its clients include the UK’s National Crime Agency and National Health Service as well as companies including Red Bull, Virgin Media and Moonpig, Faculty’s most well-known association is with the Vote Leave campaign during the 2016 Brexit referendum led by former Number 10 advisor Dominic Cummings.