A new tech start-up that turns enterprise data into knowledge to generate insight and improved business operations has been launched in Dublin.
DataChemist already has an international client base and is working with global leaders on a number of projects aimed at extracting greater knowledge and insight from existing data sets.
The start-up was launched by Tánaiste Simon Coveney. "It is becoming more vital than ever to move Ireland up the research and business value chain," he said. "Dynamic new businesses like DataChemist, that bring genuine deep-tech innovation to the market, are helping position Ireland as a leading international hub of next-generation industrial innovation.
"With Brexit looming, an increasing number of data-focused businesses are choosing Ireland as their European base and it is vital that the economy produces technology innovators who can help them handle the big-data challenges they face."
DataChemist is led by Kevin Feeney, who previously worked in Trinity College Dublin’s School of Computer Science, and led the international ALIGNED and Seshat research programs, which applied artificial intelligence to imposing order on vast, complex data sets and, in doing so, helped establish new connections, relationships and insights across vast swathes of human knowledge.
"We have more data than ever before at our fingertips, but turning this huge volume of data into actionable insights is as much of a challenge as ever" Mr Feeney said. "That’s the problem we solve at DataChemist. In a connected world, we identify the critical business relationships hidden in that data and help our customers to manage risk and identify new opportunities. If data is the new oil, DataChemist is the refinery."
DataChemist raised €1.2 million in an initial funding round led by Atlantic Bridge with support from Enterprise Ireland. Chris Horn, of Atlantic Bridge’s University Bridge Fund, who has joined the company as a director, was also in attendance.
"We see great potential in the DataChemist business" said Horn. "At Atlantic Bridge our focus is always on creating global success stories. In our opinion the technology and leadership team at DataChemist is poised to succeed internationally and in doing so confirm Ireland’s excellence as a tech hub."