The Data City cements global growth plans following £2m investment 

The Data City is accelerating its mission of establishing a new global industrial classification system, after securing £2M investment from Oxford Economics. 

The investment is the largest received by The Data City since its formation in 2017. In 2023, a funding round of £350k was secured from venture capitalist firm, Venturian, valuing the firm at £10 million. Seventeen months later, this latest strategic investment almost doubles the value of The Data City to £19 million, highlighting the success and overall growth achieved in the seven years since its formation. 

The deal follows a record year of growth for the Leeds-based artificial intelligence (AI) data business. It has created ten new senior roles across development, data science and management divisions, increasing the tech firm’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 the US joint venture, with leading global economic advisory firm, Oxford Economics. It will also provide working capital to support the company’s rapid growth. 

In the financial year 2023/24 the business achieved its sixth year of consecutive growth, with a turnover rise of 63% to £1.25m.  

Oxford Economics’ investment underpins the increasing demand for more accurate and dynamic business intelligence. By integrating The Data City’s AI-powered platform with its global economic forecasting expertise, the partnership will drive innovation in sector analysis and investment decision-making. 

Alex Craven, CEO of The Data City, said: “Securing this investment rounds off a remarkable period of sustained growth. 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. Central to our growth strategy is our innovative global data platform, which provides unparalleled access to insights from millions of companies across the United States and Europe. This extensive platform is underpinned by comprehensive global financial company information, offering our client users a robust foundation for informed decision-making and risk assessment in an increasingly interconnected business landscape. 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. The global product represents the first time company data from the US primarily, and the rest of the world will combine with The Data City’s Classification AI and proprietary RTICs – all available on a world-class platform.  

Alex Craven added: “We’re revolutionising economic data by providing real-time insights into what companies do, without relying on outdated SIC/NAIC codes. With Oxford Economics on board, we’re set to expand our reach, particularly in North America, and strengthen our position as the go-to source for industry classification.” 

Adrian Cooper, CEO of Oxford Economics, commented: “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, heralding a significant new market win for the business. It also works with the Cabinet Office, the Department for Science, Innovation and Technology (DSIT), Department for Business & Trade (DBT)  and a wide range of government departments, think tanks and global businesses, including Lloyds Banking Group, Allianz and The Royal Academy of Engineering. 

Version 5 of The Data City’s successful platform providing real-time company data on emerging economic sectors was launched this month (February). Using 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 updated version includes real-time improvements, new features, and smarter tools, providing more accurate and reliable data.  

About The Data City: 

The Data City provides data and insight to the public and private sectors. It has developed RTICs to define industry sectors more accurately and relevantly than Standard Industrial Classical (SIC) codes. 

RTICs are a valuable data resource for researchers, policymakers, and investors, allowing them to access real-time data on the dynamic quantum sector and its companies. 

The Data City is an established leader in mapping the UK’s emerging economy. Researchers, policymakers, and investors use it to access real-time data on dynamic sectors and the companies within them.   

The company works with a wide range of government departments, think tanks and global businesses, including Lloyds Banking Group and The Royal Academy of Engineering. 

The Data City is a DaaS platform that has set a new standard in industrial classification, particularly focusing on the emerging economy. Working with government and private organisations, the platform allows policymakers, economists, investors and analysts, among others, to understand the economy and markets in real-time.