AI company Ditto has raised £4 million from IP Group, which builds intellectual property-based businesses, and Parkwalk Advisors.
Manchester-based Ditto has developed AI-powered software advisor bots that solve queries but also provide the reasoning behind the decisions, creating a clear audit trail in highly-regulated industries. Its technology is used in environmental, health and safety (EHS) organisations, both in the public and private sector.
“People are increasingly concerned about a perceived lack of accountability in the field of AI and we believe our solutions, which provide clear audit trails, have an important part to play in addressing that problem,” said CEO Rick Turner, who added that the funding was a validation of their technology.
The new funds will be used to expand on the EHS market and launch in new sectors, such as tax and healthcare.
“We now have not only a viable technology platform, but also demonstrable commercial traction in its use,” he said. “These funds will enable us to capitalise on our early successes and reach for the goal of establishing Ditto as a leading AI company.”