Based in Liverpool, Impact Data Metrics uses machine learning and artificial intelligence to create datasets for clients in property and economic development. Tony McDonough reports
A Liverpool tech firm has completed a six-figure fund-raising rounds after selling capital to fuel the rapid expansion on its business.
Based in the Baltic Triangle area of the city, Impact Data Metrics (IDM) uses proprietary technologies to provide detailed insights to clients across in the property and economic development sectors.
It uses advanced machine learning and artificial intelligence (AI) technologies to create datasets for clients. With billions of records, it now has datasets covering education, business, demographics, property, research, innovation, investment, skills and jobs.
This new investment will be deployed to support the development and launch of a range of new products that are designed to provide knowledge and insight to decision-makers in sectors that include economic development, property, research and innovation, and healthcare.
Chief executive Neil Murray said: “We have ambitious development plans to expand our team and build out our range of products, so closing this funding round is a significant milestone.
“Our proprietary machine-learning/AI technologies overcome well-known deficiencies in the data sources that currently underpin a lot of the work done in data science. Our approach offers a step change in quality and the investment will help us to scale the business and accelerate our progress.”
The fundraising round was managed Acceleris Capital. Executive chairman Norman Molyneux added: “We work with innovation-based businesses and there’s a great deal of interest in how better quality data and information can improve the quality of decision making.
“IDM is setting a new benchmark and has designed solutions to overcome limitations that have long made it difficult to get a true picture, with even UK Government reports containing inaccurate, incomplete and out-of-date information. We’re very pleased to close this round and see the business progress.”