WIREDGOV

Harvard Professor Harry Lewis, the acknowledged global expert on the mathematics of computation and ICT - who taught both Bill Gates (Microsoft) and Mark Zuckerberg (Facebook) – is backing and advising Ideoba.

The company is developing a new generation of expert search engine for the financial investment sector, including hedge funds, investment banks and private equity groups.

Ideoba, which is set to create more than 100 jobs over the next three years, will provide unrivalled access to global expertise for investment research analysts tapping into a market currently worth $600M.

Professor Harry Lewis said Ideoba’s data-mining and profiling technologies will effectively provide a quantum leap in capability. It will have the capacity to map the total global knowledge base of an estimated three hundred million professionals as opposed to existing businesses which utilise smaller-scale, manually generated databases.

The business was founded by Andrew Auerbach, Ideoba CEO, who owns the Wall Street New York based Auerbach Group, and Adam Price, Ideoba Director of Strategy, the former MP, who met and planned the venture while studying at Harvard University. Professor Lewis, the Gordon McKay Professor of Computer Science at Harvard University is Chair of the Ideoba Advisory Board and also a minority shareholder in the company.

Ideoba’s R&D centre based at the Sony UK Technology Centre in Pencoed, South Wales, is backed by private finance and has received SMARTCymru funding from the Welsh Government.

Economy Minister Edwina Hart officially opened their new R&D centre and launched the new company.

The Minister said:

“This an extremely exciting development with huge potential and I am delighted Ideoba chose to locate in Wales. It sends out a very strong message that Wales is a key centre for both financial services and ICT – two of our priority sectors that are fully supported by the Welsh Government.

“Ideoba will benefit from the knowledge and experience of acknowledged world experts in their field and I am confident they will find the skilled individuals in Wales to help build the company.

“It is undoubtedly a very welcome investment in new generation technology and a great opportunity to promote the fact that  world-leading financial sector technologies are being developed in Wales.”

Andrew Auerbach said:

“The team being established at the R&D Centre brings together Welsh and international expertise to develop Ideoba’s technology platforms, with Harvard “DNA” continuing to drive our vision for delivering a powerful tool for powering knowledge."  

Nine people will initially be employed during the R&D phase in 2014-2015 with numbers set to  increase rapidly during 2015 following beta testing with a number of key customers and initial commercial operations.

By 2016-17 as the system is rolled out globally it is envisaged that more than 100 will be employed at the core operations in Wales and that the business will re-locate to larger premises in the Cardiff Capital Region.

Steve Dalton OBE, Managing Director of Sony UK Technology Centre, said:

“Since 2012, we have made a conscious effort to attract new and flourishing businesses to the Centre. Our successes to date have seen us collaborate with universities, Welsh Government and the Bridgend Economic Development Centre to offer office space to several entrepreneurs.
“In today’s climate starting any business initiative has increased risk associated to it. The Centre aims to help mitigate that risk, providing organisations with an opportunity to grow, have access to state-of-the facilities as well as an opportunity to a network with like-minded individuals.
“We’re delighted to welcome Ideoba into the Business Incubation Centre. The organisation’s vision and passion for innovation fits with our ethos.  With the backing of a global expert we’re sure the organisation will prosper in Wales and internationally.”

Related Links