Adarga closes £5M Series A funding for its Palantir-like AI platform
AI startup Adarga has closed a £5 million Series A fundraising by Allectus Capital. But this news rather cloaks the fact that it has been building up a head of steam since its founding in 2016, building up what they say is a £30 million-plus sales pipeline through strategic collaborations with a number of global industrial partners and gradually building its management team.
The proceeds will be used to continue the expansion of Adarga’s data science and software engineering teams and to roll out internationally.
Adarga, which comes from the word for an old Moorish shield, is a London and Bristol-based startup. It uses AI to change the way financial institutions, intelligence agencies and defence companies tackle problems, helping crunch vast amounts of data to identify possible threats even before they occur. The startup’s proposition sounds similar to that of Palantir, which is known for working with the U.S. military.
What Adarga does is allow organizations to transform normally data-intensive, human knowledge processes by analyzing vast volumes of data more quickly and accurately. Adarga clients can build up a “Knowledge Graph” about subjects and targets.
The U.K. government is a client as well as the finance sector, where it’s used for financial analysis and by insurance companies. Founded in 2016, it now has 26 employees — including data scientists from some of the U.K.’s top universities.
The company has received support from Benevolent AI, one of the key players in the U.K. AI tech scene. Benevolent AI, which is worth $2 billion after a $115 million funding round, is a minority shareholder in Adarga. It has not provided fin