U.K.-based AI startup Faculty bags USD 42.5 million in growth funding
Category: #business  By Akshay Kedari  Date: 2021-05-25
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U.K.-based AI startup Faculty bags USD 42.5 million in growth funding

Faculty Science Ltd., a British AI startup, has reportedly secured USD 42.5 million during a growth funding round which was led by a private equity firm Apax Digital Fund.

According to reliable sources, Faculty has now secured a total of USD 56.6 million to date and expects to create around 400 new jobs across its product, engineering, and delivery teams. The fresh investment will also be used for the launch of its new learning and development program.

For those unaware, Faculty was founded in 2014 by Andrew Brookes, Dr. Angie Ma, and Dr. Marc Warner. Apart from being a distinctive R&D AI operation, the company also offers advanced insights to optimize a company’s marketing expenditure or predict the demand for consumer goods.

CEO Marc Warner was reported saying that the new investment will first be used to reinforce its mark in the U.K. and subsequently aim for international expansion. He added that these fresh funds will help the group to develop and expand its services to offer better value in various real-world applications.

Meanwhile, Mark Beith, a partner at Apax Digital mentioned that Faculty has emerged to be a world-leading AI company using some advanced technologies and a phenomenal track record. He further claimed that the firm is looking forward to partnering with the British startup and support its global expansion.

It is also worth mentioning that Faculty came into the spotlight after using its platform for the Vote Leave cause during the U.K. referendum. In April recently, the tech company had signed a contract to work with U.K.’s National Health Service to better predict its future needs.

Apart from this, Faculty has also managed to acquire at least seven additional government contracts. Its customers include Moonpig, Virgin Media, Red Bull, and U.K.’s National Crime Agency.

Source Credits –

https://techcrunch.com/2021/05/23/british-ai-startup-faculty-raises-42-5m-growth-round-led-by-apax-digital-fund/

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Akshay Kedari    

Akshay Kedari

Akshay holds a Bachelor’s degree in computer engineering. Despite having a penchant for software development and the like, Akshay took to writing as a career owing to his passion for the field. Presently, Akshay writes articles for itresearchbrief.com and a few oth...

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