Peroptyx, a machine learning solutions provider that helps companies calibrate their AI systems with real-world human insight, has recently announced that it has raised €1.7 million (US$2 million) in seed funding led by Delta Partners in conjunction with Enterprise Ireland, the Western Development Commission and private investors from the US and Ireland. Peroptyx is a platform that connects customers with its global network of data evaluators and data scientists, helping them build systems that better understand user intent.
This latest financing will power Peroptyx’s expansion plans, allowing the company to hire for several additional roles in data science, data quality, instructional design, software engineering, marketing, and global recruitment. Peroptyx is expected to extend its existing market reach over the next 18 months, with ambitions to scale in 30 new markets across Africa, Asia and The Caribbean over the next three years. Founded in Co.Mayo in 2018, Peroptyx has also established a presence in Houston, Texas. Co-founders Paul McBride and Maeve Bleahene, along with Chairperson and internet pioneer Dr. Dennis Jennings, are applying their expertise to build Peroptyx’s network and 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 report by Salesforce, 51 percent of customers expect companies to anticipate their needs and make relevant suggestions even though just 54 percent of companies have such predictive capabilities. The global machine learning market is estimated to reach a value of US$118 billion (€100 billion) by 2027, exhibiting a growth rate of 39.2 percent, according to Fortune business insights. However, a survey by cloud services provider Rackspace Technology shows most companies are struggling to develop working artificial intelligence and machine learning strategies.
Commenting on the fundraising round, Paul McBride, Co-founder and Managing Director 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 operate on a global scale and with a level of transparency that reduces the risk for customers 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.”
“Ireland is the best place in the world from which to build and scale a global network to meet this demand and, with our headquarters in Mayo, 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 believe we are well placed to address this growing market with our unique solutions.”