The Bank of Ireland Kernel Capital Growth Fund (NI)
£1.2 Investment in Datactics
11 June 2019
Kernel Capital and Par Equity have led a £1.2M investment in Datactics Limited, a Belfast-based provider of RegTech solutions for the banking and financial services sector. This is the second round of funding secured by the company from The Bank of Ireland Kernel Capital Growth Fund (NI).
Datactics provides data quality and matching software to the financial services industry and government departments to help financial firms measure, clean and match data ahead of a regulatory reporting, business intelligence or analytics process.
The Company has grown significantly since our initial investment in 2018 with the addition of 12 new hires and the opening of two new offices in Milan and New York. This latest funding round will support their ambitious growth plans by facilitating R&D and the hiring of additional key personnel as it builds upon its international customer base across Europe and the US.
“Seldom does a day go by where the possibilities of machine learning aren’t being discussed, and everything we are hearing from industry agrees that any successful use of this technology will rely on fast access to perfected data. This has been our sweet spot since we were founded, and in which we’ve been investing continuously throughout the six years I have been involved at Datactics. We are delighted to have received this round of funding from the Bank of Ireland Kernel Capital Growth Fund (NI) & Par Equity at this exciting time in our company’s history and we look forward to working with them.”
Stuart Harvey, CEO, Datactics
“The Bank of Ireland Kernel Capital Growth Fund (NI) is pleased to continue its support of Datactics by leading a further £1.2M investment round. Led by Stuart Harvey, the Company is developing its reputation as a go to supplier for data quality software solutions and this has been evident through significant new blue chip customer sales wins across both the financial services and government sectors. This investment will allow the Company to invest further in its innovative product suite and will help support its ambitions to scale into international markets.”
Allen Martin, Partner, Kernel Capital
“As a banking partner to many businesses we know businesses have been investing for the future – and this investment which supports Datactics in further accelerating their scaling ambition through new product development to increase their competitiveness and successful expansion into international markets. We are delighted to see this further investment in Datactics, reinforcing confidence and support for their growth ambitions.”
Gavin Kennedy, Head of Business Banking NI, Bank of Ireland UK
“Providing local innovative companies like Datactics with access to much need finance to grow is exactly why we put in place our Access to Finance portfolio of debt and equity funds. The company’s growth since the initial investment, and their success in securing further investment demonstrates the importance of funds like The Bank of Ireland Kernel Capital Growth Fund (NI).”
William McCulla, Director of Corporate Finance, Invest NI
The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15 million of funding to this fund which is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.
Additional Notes:
About Datactics https://www.datactics.com/
Datactics combines its data quality and fuzzy matching software with specialist regulatory knowledge to help multiple international Tier 1 financial firms comply with regulations including BCBS 239, MiFID II, and AML/KYC. The company’s solutions are highly automated and customisable, connecting to a wide range of data types and sources, and offer a high degree of usability for business users in banks, fund managers and government departments.
About Kernel Capital www.kernel-capital.com
Kernel Capital is an independent manager of the Bank of Ireland Kernel Capital Venture Funds, comprising of £165m / €210m of funds raised through six separate venture capital funds in the years 2002, 2006, 2007, 2009, 2013 and 2015. These Funds are supported by Bank of Ireland, Invest NI, Enterprise Ireland, University of Limerick Foundation, NUI Galway Foundation and New York State Common Retirement Fund. Kernel Capital is actively investing through the Bank of Ireland Kernel Capital Growth Funds targeting deal size for Kernel Capital’s element in the region £0.5m to £2m in NI and of €1m to €5m in the ROI, either as sole investor or larger deal size in syndication. These 10 year Growth Funds were raised in 2013 and 2015 and invest in Northern Ireland and the Republic of Ireland respectively. Invest NI’s investment in the Bank of Ireland Kernel Capital Growth Fund is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020. Kernel Capital is a MiFID regulated firm.
For further information please contact:
Dawn Walsh, Marketing Manager, Kernel Capital
Tel: +353 021 4928974