Adarga concludes £5M Series A funding for its Palantir-like AI platform.
AI startup Adarga has sealed a £5 million Series A fundraising by Allectus Capital.
But this news cloaks the point that it has been developing a source of steam since its founding in 2016.
Building up what they say is a £30 million-plus sales pipeline through meaningful collaborations with several global industrial associates and slowly creating its management team.
The profits will be used to maintain the increase of Adarga’s data science and software engineering teams and will roll out globally.
Who Is Adarga?
Adarga, which originates from the word for an old Moorish guard, is a London and Bristol-based startup.
It utilises AI to improve the way financial institutes, intelligence agencies and defence companies solve problems.
They help crunch massive amounts of data to identify potential threats even before they happen.
The startup’s plan sounds similar to that of Palantir, which is known for serving with the U.S. military.
Adarga allows organizations to convert human knowledge processes by investigating large amounts of data more quickly and precisely.
Adarga customers can build up a “Knowledge Graph” about subjects and targets.
The U.K. government is a customer as well as the finance sector, where it is used for financial review and by insurance companies.
Established in 2016, it now has 26 employees, including data scientists from some of the top U.K. universities.
Support From Benevolent AI
The company has gained support from Benevolent AI, one of the essential players in the U.K. AI tech scene.
Benevolent AI, worth $2 billion after a $115 million funding round, is a minority stockholder in Adarga.
It has not given financial backing, but somewhat supported in-kind and technical help.
CEO of Adarga, Rob Bassett Cross, commented that with the conclusion of this round, Adarga is focused on strengthening its competitive position in the U.K. defence and security area.
They are positioning themselves as the software platform of choice for companies who cannot deal efficiently with the system and difficulty of their enterprise data.
They are actively trying an alternative to knowledge-intensive human processes.
Formed by experienced sector specialists, the Company has quickly developed a real solution to approach the challenges of an ever-growing amount of unorganised data.
They lately held a new annual event called the Adarga AI Symposium, at The Royal Institution, London.
The event featured futurist Mark Stevenson, Ranju Das of Amazon Web Services and General Stanley A. McChrystal.
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