Former Redx Pharma chief executive Neil Murray is set to launch a new AI platform that he claims will ‘revolutionise’ investment decisions. Tony McDonough reports

Liverpool tech firm Impact Data Metrics (IDM) is set to launch a new product that will offer data-driven investment guidance for companies and public sector bodies.

Led by former Redx Pharma chief executive Neil Murray, the business has had positive feedback ahead of the launch of its IDM Business platform on July 20. It demonstrated the product at global property expo MIPIM in France and at UK REiiF in Leeds.

It is aimed at local authorities, local enterprise partnerships, knowledge economy investors and property and regeneration professionals. It combines IDM’s database company operating premises, including both registered and non registered-businesses (such as sole traders), with a user-friendly interface.

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Neil, who ran Redx Pharma until 2017, said: “Business is the DNA of a city, town or region’s economy. All aspects of that economy are fundamentally driven by the make-up of the business base. 

“Until now, it’s not been possible to truly understand the UK’s operating business base in detail, at the local level. IDM Business delivers this to the market for the first time. If you’re a local authority it enables informed policy making. If you are a property developer it informs, ‘buy’, ‘sell’ and ‘hold’ decisions on assets.

“If you’re a planner, then it informs decision-making about the built environment and what buildings should be built where, to support the business base. If you’re involved in innovation, it enables you to explore clusters around particular sectors, technologies and capabilities. Similarly if you’re in education, then it drives the local skills agenda.”

IDM is a ‘proptech’ business that uses proprietary technologies to provide detailed insights to clients across the property and economic development space. It uses advanced machine learning and AI to create datasets.

Business development director, Paul Gussar, added: “Interest has been incredible. The product is a leap forward from the current state of the art in data-led business intelligence products for this market place.”