The funding will assist with its research and development (R&D) programme, through which it’s using a variety of data sources to develop smart algorithms that help answer challenging business problems in near real time.

Managing director Dr Paul Bracewell says it will mean machines can make lives easier by wading through massive datasets to not only predict what will happen but also spit out the how and the why.

He says it will be able to drive real action from data by addressing the so-what factor up front.

The grant will enable Dot Loves Data to bring its solutions to life for its clients over the next three years.