Fund manager Atlantic Bridge has led a €2m funding round for Irish text analysis startup Aylien, alongside existing investors.
The GP led the funding round alongside two existing investors, business accelerator SOSV and government-backed holding Enterprise Ireland, which provided a €580,000 seed round for the business in March 2016.
At completion of the current transaction, Atlantic investment director Helen McBreen will join the company's board.
Following the deal, the business aims to hire 70 people in its Dublin office and open a new office in the US. Furthermore, the funding round will allow the business to launch a new product, called Text Analysis Platform, focused on text analysis models. It is the third product for the Irish startup, which launched Text Analysis API in 2014 and News API in 2016.
Aylien develops software based on machine learning techniques and text analysis. Headquartered in Dublin, the business was founded in 2012 and currently has 20 employees.
Atlantic Bridge – Helen McBreen (investment director).
Aylien – Parsa Ghaffari (founder, CEO).
Consortium has offered €18.10 per share, 24% higher than the €14.56 closing price on 23 September
Around €2m comes from Seed Capital, while Vækstfonden is providing a syndicated loan of €1.8m
Company plans to use the financing to strengthen its market position in Spain and boost its international expansion
GP has so far invested in companies in industrial automation, software and business training