Cardiff-based AI startup Nisien.AI has received investment from the British Business Bank’s £130m Investment Fund for Wales via Foresight Group and the Development Bank of Wales.
The firm says the funding will enable it to continue to innovate, scale and make key hires to bring disruptive products to the market.
Founded less than two years ago by two Cardiff University academics, Professors Matt Williams and Pete Burnap, Nisien.AI uses scientifically informed technology to detect and respond to online harms, in order to support healthy debate and conversations.
The firm already has 14 employees and says it is working with key customers ranging from the top five social media platforms to global brands.
Its maiden product, HERO Detect, deploys AI algorithms to detect and classify harms across online platforms in real-time.
Alongside the investment, Foresight has introduced experienced chairman Tony Stockham, to the business.
Williams and Burnap, who are taking on the roles of chief science officer and chief AI officer respectively, will also remain employees of Cardiff University.
They are supported by senior industry hires, including Lee Gainer, former CFO of Wealthify who has joined as CEO; Dean Doyle, former head of delivery at HateLab, who has joined as COO; and Rhodri Hewitson, former principal engineer at AM Digital, who has joined as head of engineering.
“It’s an incredibly exciting time to be growing a challenger business in this sector. With the Online Safety Act being implemented soon, we believe the growth potential for Nisien.AI is huge,” said Gainer.
“With the support of Foresight, the Development Bank of Wales and the British Business Bank, we look forward to accelerating the great start the business has made since its formation and continuing to grow, creating sustainable new tech jobs here in Cardiff.”
Ruby Godrich, investment manager at Foresight, added: “We are excited to be working with the Development Bank of Wales on our first joint investment into Nisien AI.
“We are keen to see the improvements Nisien.AI will provide to online safety and look forward to working together with the Nisien team.”