Belfast start-up Analytics Engines has raised over £1 million for its big data technology that aims to enhance the speed and efficiency of software applications.
The firm, founded in 2008 as a spin-out from Queen's University Belfast, claims that its technology can be used by businesses, particularly those in the finance, genomics, utilities and database sectors, to run faster, more accurate analytics on large volumes of data. In certain scenarios, it claims that its software "accelerator" products can be used to run business applications up to 1000x faster than they were before.
The funding will be used to speed up productisation and exploitation of IP, diversify current offerings into new sectors, support the product development road map and expand the company’s global footprint.
Dr Stephen McKeown, CEO of Analytics Engines, said: “The Analytics Engines suite of plug-in accelerators allows increasingly complex analytics and enhanced real-time processing of big data in areas such as database analysis and transactional processing, to financial risk and medical imaging. Tasks that formerly took hours to perform are now possible in minutes – this creates significant business opportunities that were unobtainable only a few years ago."
Analytics Engines CTO Prof Roger Woods, currently seconded to the company from Queen's University Belfast after receving a research grant from the EPSRC, said: “This is a QUBIS spin-out company doing remarkable things from a technology point of view. It is clear that simply adding increasing numbers of computer servers has its limits from both a scalability and cost perspective. With its disruptive accelerator technology, Analytics Engines is allowing extremely computational analytics to be efficiently run on large data volumes”.
According to venture capital firm Crescent Capital, who led the funding round, the investment is further evidence that technology firms with market changing export potential are emerging from the indigenous entrepreneurial culture in Northern Ireland.
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