CEO Darragh McArt said its latest investment will help Sonrai Analytics to diversify its market segments.
Northern Irish health-tech company Sonrai Analytics has secured investment from New York-based venture firm Eckuity.
Founded in 2018 by Dr Darragh McArt and Deva Senevirathne, Sonrai Analytics is a spin-out from Queen’s University Belfast. The start-up applies AI and deep learning to develop bespoke applications and interfaces to enable health, biotech and pharma organisations to filter and transform datasets in real time. It also offers data visualisation and predictive analytics on workflows to accelerate organisational processes and improve performance.
McArt said the latest investment, the value of which was not disclosed, is set to help the Belfast-based company to further strengthen its commercial aspirations and diversify its market segments.
“We are delighted to have Eckuity join our team as we accelerate opportunities in the US and to provide advice and support as we progress the business,” added McArt, who serves as the CEO of Sonrai Analytics.
The company raised £700,000 in seed funding led by Techstart Ventures in March 2020. Earlier this year, Sonrai Analytics raised another £2m to reach more companies globally and translate precision medicine’s complex data into real insights, personalising treatments for patients.
Following the June investment round, McArt said the start-up will focus on growing its customer base in the US, develop its customer success strategy and expand its AI capabilities targeting the healthcare industry.
It also had plans to expand its data science and engineering teams, aiming to hire an additional eight people by the end of the year.
Eckuity partner Mark Goldstone said that research companies and organisations are sitting on a “treasure trove” of data. “If only they could access it in a way that is easy to view and simple to interrogate,” he said.
“Sonrai incorporates data visualisation and predictive analytics into workflows to accelerate organisational processes, improve performance and unlock corporate value. We are very excited about the impact that Sonrai will have on the market.”
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