11 Oct 2011   |   News

Artificial intelligence company attracts $5.5M from VTB Capital


aiHit, a UK-based artificial intelligence company, seed-financed by the Amadeus & Angels Seed Fund, has attracted US$5.5m investment from Russia’s VTB Capital.

AiHit has created a fully automated data management system which can extract, structure, analyse and manage unstructured data from the web. There are multiple applications for this technology, but the company is currently focused on the business information industry, with Capital IQ, Dun & Bradstreet, Bisnode, Equifax and Datamonitor among its key clients.

The $5.5 million investment will finance marketing, business development and R&D. As a part of the business development plan, aiHit will be opening an R&D centre in St.Petersburg.

Aidar Kaliev, Head of VTB Capital’s venture business said: "There are several factors that excite us about this company. First, aiHit has created an absolutely unique technology: the company has invented a new way to extract, manage and analyse raw data which, we believe, will change the way the industry operates.  Second, we see huge market potential for this technology.  The company's client portfolio demonstrates that many key players already appreciated the value proposition. Finally, we are very impressed by the entrepreneurial spirit of this company.”

Alan Hambrook, Founder and the Chairman of aiHit, said: “We are delighted to have VTB Capital on board as an investor; this is a great opportunity for us to take our company to the next level of its development. It is also a unique chance for the Russian market to absorb expertise, through a new R&D centre in St.Petersburg.  There are many market opportunities in Russia and we shall be opening an office there to develop our business in the CIS region.”

Laurence John, Partner, Amadeus Capital Partners said: “It's exciting to work with new investors VTB Capital, who understand aiHit’s long-term funding needs and will help it achieve its potential.  We are now perfectly set to exploit the web-harvested data market and to build a significant, game-changing company.”

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