The Data City Secures £2 Million Investment for Growth
The Data City is poised for unprecedented growth, thanks to a substantial new £2 million investment from Oxford Economics. This significant funding elevates The Data City's valuation to an impressive £19 million, almost doubling its worth since its previous funding round. As startup founders and investors keep a close eye on promising opportunities, this strategic investment marks a pivotal moment for The Data City’s mission to revolutionize the global industrial classification landscape.
Founded in 2017, The Data City has rapidly established itself as a leader in the AI-driven data sector.
With this recent investment, the company plans to enhance its global data infrastructure, deliver advanced services for its UK-based multinational clients, and embark on market development initiatives in the US alongside Oxford Economics. The funding will also bolster the company’s ability to scale operations, including adding ten new senior roles, resulting in a team expansion from 20 to 30 employees. This dynamic growth trajectory is not just a number; it reflects the increasing demand for accurate and timely data essential for astute investment and decision-making.
As The Data City continues to push the boundaries of data utilization, CEO Alex Craven envisions a future where outdated classification systems like SIC/NAIC codes are relics of the past. "We are redefining how businesses, investors, and policymakers comprehend industries," he asserts. With robust support from Oxford Economics, The Data City is set to broaden its reach, particularly in the North American market. This collaboration promises to unleash innovative solutions, providing stark insights into current economic landscapes that empower stakeholders to make informed decisions. As the company advances into this next phase, it solidifies its status as a crucial resource for anyone seeking to navigate the complex world of economic data.
Key Terms Explained
- £2 million investment
- A significant amount of funding (in this case, two million British pounds) injected into a business or project to help accelerate its development or growth.
- AI-driven data sector
- The section of the industry focused on generating and interpreting data through the capabilities of artificial intelligence, such as machine learning and predictive analytics.
- accurate and timely data
- High-quality data that is free from significant error and is as up to date as possible, ensuring the relevance and reliability of the information for decision-making processes.
Frequently Asked Questions
- Who made a £2 million investment in The Data City?-Oxford Economics made a £2 million investment in The Data City.
- What is the new valuation of The Data City after the recent investment?+
- What are the plans of The Data City with the new funding?+
- How will the investment affect The Data City's team?+
- What does the CEO of The Data City envision for the future?+
They've invested in The Data City
Get to know these Data investors
Click here for a full list of 6,908+ startup investors in the UK