Up against more than 500 applicants, spend360 was one of only 22 UK organisations to win a coveted grant. The money will be invested in funding a team to further enhance a deep learning Artificial Intelligence (AI) engine, already developed by spend360.
The AI engine, known as ORAC, enables spend360 to analyse unstructured spend data using all of its historical work and knowledge, and then apply this to new customer data sets.
Paddy Lawton, founder and CEO of Spend360, said: “This is the second time we have won a grant, which really demonstrates that the UK government is backing our development. This type of spend analysis has never been done before. Traditionally it’s a rule-based system, but there is now too much unstructured text to maintain all of the rules required. Our machine learning removes the need for rules, making it a much quicker and more accurate analysis.”
By developing ORAC, spend360 is aiming to open up the spend analysis arena so smaller businesses can also gain the advantages that understanding company spend and analysing data can deliver.
Lawton added: “As well as making sure the technology is accessible for smaller companies, we want to start applying deep learning to other areas, such as product matching, bench marking and payment analysis.”For more information about innovate UK and the grant please go to: https://www.gov.uk/government/organisations/innovate-uk. For more information on spend360 please contact: Sara Driscoll, Content and Marketing director – firstname.lastname@example.org