The Data City, which is based in Leeds and formed in 2017, said the latest funding was the largest it had ever received, and that the company’s value had almost doubled from £10m in 2023 to £19m today.

The investment will be used to boost The Data City’s global data infrastructure, expand its services for UK-based multinational clients and fund the initial market development for the US joint venture with global economic advisory firm Oxford Economics.

The Data City also said that the funding would provide working capital to support the company’s growth.

Oxford Economics’ investment will also see the firm integrate The Data City’s AI-led platform with its global economic forecasting work, with aims of driving innovation in sector analysis and investment decision-making.

Alex Craven, chief executive at The Data City, said: “Securing this investment rounds off a remarkable period of sustained growth. Oxford Economics shares our vision and ambition of global strategic expansion, which enables us to strengthen our workforce, massively upscale our technological capabilities and accelerate our global customer acquisition. 

“We have been focused on our drive towards elevating our existing data platform to a global audience, enabling decision makers to benefit from a real-time, AI-driven understanding of the world’s industries, so to achieve this is a major milestone in becoming a global data as a service company.”

Adrian Cooper, chief executive at Oxford Economics, added: “Our clients need access to data that reflects the economy as it is today, not how it was classified in 2007.

“The Data City is redefining how businesses, investors, and policymakers understand industries. We’re excited to support their next phase of growth.”

Pictured (left to right) :The Data City’s Alex Craven, Paul Connell, Kelly Weston and Tom Forth.