Finance Wales has invested in a London-headquartered artificial intelligence (AI) specialist, with the funding supporting a new Cardiff office.

Cloud.IQ has secured £4m in a Series A funding round led by London-based venture capital firm Nauta Capital. Finance Wales also participated, together with existing investor Juno Capital.

The company uses AI to mitigate the costs of currency conversion for e-commerce businesses. It was founded in London in 2012 and has opened a secondary office in Cardiff following the investment.

Customers include Allianz, Boots, Bose, EE, Samsung, Hearst Magazines and TUI.

Cloud.IQ plans to use the investment to support international expansion, product development of the cloud.IQ platform and expansion of its senior team.

Finance Wales investment executive Carmine Circelli said: “This is an exciting and innovative platform. The team at cloud.IQ are ambitious and are on a high growth trajectory and we’re pleased to be able to support them with their latest funding round.”

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