Kernel Capital and Par Equity have led a £1.2m (€1.4m) investment in Belfast-based Datactics Limited.

Datactics Limited provides regulation technology solutions for the banking and financial services sector.

This latest round of funding is the second secured by the company from The Bank of Ireland Kernel Capital Growth Fund (NI).

The company has grown significantly since Kernel's initial investment in 2018 with the addition of 12 new jobs and the opening of two new offices in Milan and New York. 

Datactics said the new funding round will support its growth plans by facilitating research and development and the hiring of additional workers as it builds upon its international customer base across Europe and the US.

Stuart Harvey, CEO at Datactics, said that seldom does a day go by where the possibilities of machine learning are not being discussed.

"Everything we are hearing from industry agrees that any successful use of this technology will rely on fast access to perfected data. 

"This has been our sweet spot since we were founded, and in which we’ve been investing continuously throughout the six years I have been involved at Datactics," Mr Harvey added. 

Allen Martin, a Partner at Kernel Capital, said that Datactics Limited is developing its reputation as a go to supplier for data quality software solutions and this has been evident through significant new blue chip customer sales wins across both the financial services and government sectors. 

"This investment will allow the company to invest further in its innovative product suite and will help support its ambitions to scale into international markets," Mr Martin said. 

Datactics provides data quality and matching software to the financial services industry and government departments to help financial firms measure, clean and match data ahead of a regulatory reporting, business intelligence or analytics process.