Irish machine learning startup Peroptyx raises €1.7 million to power expansion – EU-Startups

Irish machine learning startup Peroptyx raises €1.7 million to power expansion – EU-Startups

Peroptyx, a machine learning solutions provider that helps companies calibrate their AI systems with real-world human insight, has today announced it has raised €1.7 million in seed funding. This latest investment led by Delta Partners in conjunction with Enterprise Ireland, the Western Development Commission and private investors from the US and Ireland will enable the company to grow across Europe.

Founded in 2018, Peroptyx is an AI powered platform that connects customers with its global network of data evaluators and scientists, helping them build systems that better understand user intent. The company’s chairman is the famous Dr. Dennis Jennings who helped design and develop the internet.

This latest financing will power Peroptyx’s expansion plans, allowing the company to hire for a number of new roles in data science, data quality, instructional design, software engineering, marketing and global recruitment across Europe. Peroptyx is expected to extend its existing market reach over the next 18 months, with ambitions to scale across Africa, Asia and The Caribbean over the next three years. So far Peroptyx has also established a presence in Houston, Texas. Alongside Dennis Jennings, co-founders Paul McBride and Maeve Bleahene will apply their expertise in technology to help build Peroptyx’s network and power operations at global scale.

Evolving technologies such as artificial intelligence and machine learning are changing the way people work and live, particularly since COVID-19. According to a recent report by Salesforce, 51% of customers expect companies to anticipate their needs and make relevant suggestions even though just 54% of companies have such predictive capabilities. In addition to this, the global machine learning market is estimated to reach a value of $118 billion (€100 billion) by 2027, exhibiting a growth rate of 39.2%.

Commenting on this latest fundraising round, Paul McBride, co-founder and Managing Director of Peroptyx said: “We are delighted to secure this latest investment, which will help our team grow further over the next 18 months and enable us to expand beyond our current 20-market footprint. We offer users a level of transparency that reduces risk by addressing country-specific contractual, regulatory, security, and data privacy requirements in our platform. Our global network of subject matter experts delivers data and insights at the scale required by machine learning systems to function effectively in both on-premise and cloud-based environments. We also plan on using this funding round as a means of boosting our operational capacity in these areas.”

“Europe, in particular Ireland is the best place in the world in which to build and scale a global network to meet this demand and we believe it is the ideal place from which to power our global ambition.” 

Dr. Dennis Jennings, Chairperson and angel investor, added: “The demand for solutions that build more trust and less bias into machine learning models and data is growing rapidly, translating into a market growth rate forecast of 35-40 percent in 2021 alone. We are excited by the possibilities this investment brings to Peroptyx and look forward to seeing it grow further.”

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