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Information Technology
Glasgow-based tech firm FD Intelligence has secured a substantial £200,000 funding boost from UKSE, a subsidiary of Tata Steel Enterprise, as part of its ambitious expansion plans to drive innovation in artificial intelligence (AI) and create new jobs in Scotland. This significant investment will enable FD Intelligence to further develop its cutting-edge automation software for the accountancy sector and establish Scotland as a hub for AI innovation.
FD Intelligence was founded in 2021 and initially focused on providing Robotic Process Automation (RPA) consultancy services. The company quickly recognized a gap in the market and transitioned to developing its own AI-driven automation software tailored to the accountancy sector. Its flagship product, PeTAR, is a personal tax automation robot that has revolutionized the preparation of personal tax returns. PeTAR significantly reduces manual work for accountancy firms, enhancing accuracy and efficiency by automating tasks that typically take hours down to just minutes.
The £200,000 funding from UKSE will be instrumental in enhancing FD Intelligence's product capabilities and expanding its market reach. This strategic investment aligns with the company's goal to create new jobs and grow its workforce from 30 to nearly 50 employees over the next two years. The creation of 16 new roles will not only boost employment in Glasgow but also contribute to positioning Scotland as a leading center for AI innovation.
PeTAR is being utilized by more than 20 of the UK's Top 50 accountancy firms, demonstrating its effectiveness in automating personal tax returns. The technology is transformative, providing significant benefits to accountancy practices by:
Andrew Guy, Founder and CEO of FD Intelligence, highlighted the significance of this funding, stating, "The support from UKSE boosts our confidence in product development and positions us to build a sustainable business that creates jobs in Glasgow and establishes Scotland as a hub for AI innovation."
Marc Davey, Regional Executive at UKSE, praised FD Intelligence for its commitment to innovation and focus on underserved market segments, calling it a "standout company" in Scotland's AI landscape.
Scotland is increasingly recognized as a hub for AI innovation, with companies like FD Intelligence playing a pivotal role in this growth. The tech sector in Scotland is thriving, and investments such as this one are crucial for maintaining momentum. The creation of new jobs in Glasgow not only supports local economic growth but also enhances Scotland's reputation as a destination for AI technology and development.
FD Intelligence's immediate plans include further development of its AI technology and exploring international markets. The expansion into the U.S. market is seen as a strategic move to leverage the global demand for AI-driven solutions in finance. With PeTAR already making significant inroads into the UK's accountancy sector, the company is poised for substantial growth.
The £200,000 funding secured by FD Intelligence is a testament to the potential of AI in transforming the financial services sector. By enhancing its product capabilities and expanding its workforce, FD Intelligence is not only contributing to Scotland's economic growth but also cementing its position as a leader in AI-driven automation solutions. This investment will undoubtedly reinforce Glasgow's status as a vibrant tech hub and contribute to Scotland's broader ambition to become a global AI innovation hub. As the demand for AI technology continues to grow across global markets, FD Intelligence is well-positioned to capitalize on this trend and expand its footprint internationally.
In conclusion, this funding marks a significant milestone for FD Intelligence and highlights the importance of AI innovation in shaping the future of Scotland's tech industry. With a focus on job creation and product development, FD Intelligence is set to make a lasting impact on the financial services sector and further establish Scotland as a leading destination for AI technology.
