(Alliance News) - Apax Global Alpha Ltd said Tuesday its Digital Fund led a GBP30 million funding round for UK artificial intelligence firm Faculty.
The Apax Digital Fund will invest about EUR2.0 million in the company on a look-through basis.
"Founded in 2014, Faculty has grown rapidly to become one of the world's most experienced teams of AI and machine learning specialists, able to support any organisation to make AI effective and drive value. The company has a specialist team that includes over 50 PhDs with experience of working with over 200 customers across the globe," Apax said.
It continued: "The investment will help accelerate new product development, expand Faculty's geographic footprint, and drive the expansion of the company's 'AI as a Service' model. The investment will also support the rollout of Faculty's new learning and development programme, which will sit at the centre of the business to help develop technical and commercial talent as the company scales."
In 2017, Apax Global Alpha made a commitment of USD50 million to its Digital Fund.
Shares in Apax Global Alpha were down 0.7% in London on Tuesday at 192.60 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com;
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Apax Global Alpha (APAX)