Jobs boost as tech firm gets £4.6 million backing

A technology firm has pledged to create jobs in an inaugural product rollout after securing £4.6 million support.

Literal Labs has been backed in a Northern Gritstone-led funding round.

Bosses say the cash will increase engineering team numbers and support the Newcastle-headquartered artificial intelligence algorithm company’s principal commercial launch later this year.

Co-founded by Dr Alex Yakovlev and Dr Rishad Shafik, the Newcastle University spin-out uses logic-based techniques to generate custom artificial intelligence models.

Operating across cloud servers and edge devices, such as smartphones and sensors, bosses say its processes provide quicker and more energy-efficient support.

Noel Hurley, chief executive, said: “We’re at a pivotal moment for artificial intelligence, with adoption continuing to accelerate alongside sustainability and cost concerns.

“Our logic-based artificial intelligence offers a new solution for those that want and need high-performing technology that is faster, more energy efficient and more explainable.”

Literal Labs’ funding round was co-led by London-based fund Mercuri, with further support from Sure Valley Ventures, Cambridge Future Tech SPV and several angel investors.

Duncan Johnson, Northern Gritstone chief executive, said: “We are delighted to support Noel Hurley and the Literal Labs team at a time when innovation can truly benefit from greater efficiency in artificial intelligence.”

Esha Vatsa, Mercuri partner, added: “We are excited to back Literal Labs as it redefines artificial intelligence with a radically efficient alternative to existing neural networks.”

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