Faculty, the London-based AI company, has raised £30 million growth funding
Today Faculty, the artificial intelligent startup based in London providing data science and engineering training services, has raised £30 million in growth funding led by Apax Digital Fund bringing the total funding raised to date to £40 million. Existing investors Guardian Media Group Ventures (GMG Ventures), Local Globe and angel investor Jaan Tallinn (Skype’s founding engineer) also saw participation.
Being already established in five continents Faculty will be using this funding to further accelerate the company’s expansion internationally with its safe customized AI solutions getting more and more global customer attention. Founded in 2014 by Marc Warner and Angie Ma, the startup has shown and continue showing impressive and rapid growth to become one of the world’s most experienced teams in AI and Machine learning. The company also shared they will use this funding to enhance its technology that will also lead to create 400 new jobs across its engineering product and delivery teams.
CEO and co-founder of Faculty Marc Warner explained more about the investment: “This is about doubling down on the UK first and then international expansion. We have learned what it takes to do important, impactful AI at scale. And we just don’t think that there’s actually much of it out there. Customers are rightly sometimes a bit skeptical. There’s been hype around this stuff for years and years. We figured out a bunch of real-world applications that actually deliver value. And so, ultimately, the money [we’ve raised] is really just about being able to build out all of the pieces to do that incredibly well for our customers.”
This funding is coming after a harsh pandemic that proved Faculty can sustain it pretty well especially after winning 52 new customers, among them being the National Crime Agency Red Bull, Virgin Media, Moonpig and a two year contract with NHS England and NHS Improvement. More importantly the startup will be using it to help promote the company’s “AI as a Service” model. More accurately will help companies optimize their marketing spend as well as forecast demand for consumer goods and predict pressures on the healthcare system as the pandemic has made this clear as a demand.
Marc Warner pointed out: “It’s an incredibly exciting time for artificial intelligence, and for Faculty in particular. Too many organizations haven’t been able to realize the value of AI, because they haven’t had the tools to integrate it successfully into their business. Customers are rightly demanding high performance technology to unlock the power of data and maximize impact. Faculty can help elevate an organization’s performance, whether this enables better operational decisions, or increasing ROI. Apax’s expertise and global network means we will continue to grow at pace, bringing the power of AI to even more customers, helping them to make effective, robust decisions with real-world impact.”
Partner at Apax Digital Mark Beith also said: “Faculty is a world-leading AI company with cutting-edge technology, inspiring people and culture, and with phenomenal customer feedback. They enable customers to realize the tremendous value of AI quickly but responsibly, providing robust, fair and explainable AI, with advanced data privacy. We have seen the power and impact of their solutions first-hand, as a client, and are thrilled to partner with Marc, Angie, Andy and the team to support their global expansion.”
Source: Faculty.ai “British artificial intelligence company Faculty raises £30m of growth funding to deliver “AI as a Service” globally”