Company uses new semantic AI techniques to turn messy ‘big data’ into valuable intelligence
Simon Coveney T.D., Tánaiste and Minister for Foreign Affairs and Trade, today launched DataChemist, a new Dublin-based tech start-up turning enterprise data into knowledge to generate insight and improved business operations. The company already has an international client base and is working with global leaders on a number of projects aimed at extracting greater knowledge and insight from existing data sets.
“I’m delighted to launch DataChemist” commented Minister Coveney. “It is becoming more vital than ever to move Ireland up the research and business value chain. Dynamic new businesses like DataChemist, that bring genuine deep-tech innovation to the market, are helping position Ireland as a leading international hub of next-generation industrial innovation. With Brexit looming, an increasing number of data-focused businesses are choosing Ireland as their European base and it is vital that the economy produces technology innovators who can help them handle the big-data challenges they face.”
DataChemist is led by Kevin Feeney, who previously worked in Trinity College Dublin’s School of Computer Science, and led the international ALIGNED and Seshat research programs, which applied artificial intelligence to imposing order on vast, complex data sets and, in doing so, helped establish new connections, relationships and insights across vast swathes of human knowledge.
“We have more data than ever before at our fingertips, but turning this huge volume of data into actionable insights is as much of a challenge as ever” said Feeney. “That’s the problem we solve at DataChemist. In a connected world, we identify the critical business relationships hidden in that data and help our customers to manage risk and identify new opportunities. If data is the new oil, DataChemist is the refinery.”
“It’s a great pleasure to host the launch of DataChemist in Trinity College” said Leonard Hobbs, Director of Trinity Research and Innovation. “We saw first-hand how the technology behind DataChemist can bring clarity and insight to researchers handling large and complex data sets. We’re confident that they will be able to translate this research into the commercial world, highlighting Ireland’s growing excellence in the tech space.”
DataChemist raised €1.2 million in an initial funding round led by Atlantic Bridge with support from Enterprise Ireland. Chris Horn, of Atlantic Bridge’s University Bridge Fund, who has joined the company as a director, was also in attendance.
“We see great potential in the DataChemist business,” said Horn. “At Atlantic Bridge our focus is always on creating global success stories. In our opinion the technology and leadership team at DataChemist is poised to succeed internationally and in doing so confirm Ireland’s excellence as a tech hub.”
Joe Healy, Manager, High Potential Start-Up Division at Enterprise Ireland, said “At Enterprise Ireland, we support innovative, thought-leading companies with growth potential to realise their global ambition. DataChemist is solving a huge pain point for many organisations and is a great example of a highly innovative deep-tech Irish company with the potential to scale internationally. Enterprise Ireland has worked closely with DataChemist from the early stages of its development, and we look forward to continuing to work with them as they expand and scale in the months ahead.”
Data Chemist has a simple goal: to make data meaningful. DataChemist transforms the messy, inconsistent data sets of the real world into clean, structured and integrated data. Our customers improve decision-making and reduce costs as a result.
DataChemist spun out of Trinity College Dublin in 2018 in order to bring a new way of thinking about data to the market, and help leading organisations find the relationships and insights in their existing data that have until now remained hidden.
Headquartered in Dublin, Ireland, DataChemist is funded by Atlantic Bridge and Enterprise Ireland and works with some of Europe’s largest financial and commercial intelligence organisations.