A leading firm in the Wales tech scene has entered liquidation.
Amplyfi is an AI-powered market intelligence platform which was backed with more than £7 million investment from Cardiff Capital Region’s flagship fund Innovation Investment Capital and the Development Bank of Wales.
It delivered insights to businesses by connecting structured and unstructured data at scale to uncover previously hidden links, trends and opportunities – summarising huge volumes of data sourced from millions of documents a day including company websites, news, RSS feeds and scientific papers.
Advancements in generative AI platforms such as ChatGPT have impacted its business and forced the board into a creditors voluntary liquidation. Bethan Evans and John Cullen of insolvency practice Menzies have been appointed joint liquidators.
CEO Paul Teather (pictured) has ‘ended’ his tenure with a dateline of April 2026 on his LinkedIn profile. Formerly on the board as an investor, he took over the CEO role in 2023. A managing partner at Pragmatica Consulting Ltd, he also chairs Sprout.ai and is a board member at ForgeAI.
In 2022 Hong Kong-based QBN Capital led a round into Amplyfi which included £2.6m from the Development of Wales.
A £4.7m injection in 2023 was the maiden investment from the £50m IIC fund – managed by Capricorn Fund Managers – which has now backed 10 companies.
Amplyfi made a round of redundancies last year.
A spokesperson for the Cardiff Capital Region said: “Sustained efforts were made to support Amplyfi, alongside co-investors, in a challenging and rapidly evolving AI landscape.
“As a minority shareholder, we will wait on the outcome of the liquidation process.”
A Development Bank of Wales spokesperson said: “We were sorry to be informed that the directors of Amplyfi have taken the decision to proceed with the liquidation of the company.
“As a minority investor, we will now await the outcome of the liquidation process. It would not be appropriate to comment further at this stage.”