Leeds-based The Data City is set to expand globally following some high-profile contract wins.
The Data-as-a-Service (DaaS) company has secured over £600,000 in contracts in the last quarter, which is double the same period last year, and expects to double its revenues this year following new contract wins that it says are the result of the improved capabilities of the company’s data and technology.
The Data City has secured new key projects with the Department for Business and Trade (DBT), the Government Office for Science and the Department for Science, Innovation and Technology (DSIT), which will see them deliver key data and insights vital for economic discovery and growth.
Led by client demand, the company is now taking the next step in its growth strategy by developing the first version of its (Beta) Global Product with selected clients. It will be the first time that company data from the US and the rest of the world will be combined within The Data City’s Classification. The AI and proprietary Real-Time Industrial Classifications (RTICs) are presented on an advanced technology platform.
The firm aims to release an eCommerce Global Data City Product in 2024. The Data City platform provides real-time company data on emerging economic sectors. It uses AI technology to gather data from various sources, including open data sets and company financials. The platform is designed to help users make discoveries quickly and easily.
The company is already a leader in mapping the UK’s emerging economy. It is used by researchers, policymakers, and investors to access real-time data on dynamic sectors and the companies operating within them.
Alex Craven, CEO of The Data City, said: “We are building a new and more accurate way to understand our economy and the companies that operate within it. Data has become the currency of the modern economy, and as the demand for accurate, timely and relevant information grows, so does the value of those who can provide it. Our rapid growth is a testament to data’s critical role in shaping the future of business and society as a whole.”
The Data City has developed Real-Time Industrial Classifications (RTICs) to analyse companies and industries. RTICs is a cutting-edge system that provides a more complete and accurate picture of the economy compared to traditional systems like Standard Industrial Classification (SIC) codes. It has seen its team grow from eight to 15 people in the last 12 months and is continuing to recruit software engineers, data scientists, data analysts and developers.
