Leeds AI data business The Data City has secured a £2m investment to accelerate its mission of establishing a new global industrial classification system.
The investment, which comes from Oxford Economics, is the largest received by the Leeds-based firm since its formation in 2017.
It has also almost doubled the company’s valuation to £19m and has created 10 new senior roles, increasing the company’s headcount from 20 to 30.
The investment will be used to enhance The Data City’s global data infrastructure, expand its services for UK-based multinational clients and fund the initial market development for a US joint venture.
“Securing this investment rounds off a remarkable period of sustained growth, said Alex Craven, CEO of The Data City. “Oxford Economics shares our vision and ambition of global strategic expansion, which enables us to strengthen our workforce, massively upscale our technological capabilities, and accelerate our global customer acquisition.
“We have been focused on our drive towards elevating our existing data platform to a global audience, enabling decision makers to benefit from a real-time, AI-driven understanding of the world’s industries, so to achieve this is a major milestone in becoming a global data as a service company.”
Adrian Cooper, CEO of Oxford Economics, added: “Our clients need access to data that reflects the economy as it is today, not how it was classified in 2007.
“The Data City is redefining how businesses, investors, and policymakers understand industries. We’re excited to support their next phase of growth.”
December 2024 saw The Data City add Nat West to its roster of clients, which already included Lloyds Banking Group, Allianz and The Royal Academy of Engineering.
This was another recent highlight for a firm which achieved a turnover rise of 63% to £1.25m in FY 2023/24, marking its sixth successive year of growth.
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