Lyon guides KultraLab’s AI product hub to Scotland
A behavioural science company, chaired by Scottish corporate finance veteran Kevin Lyon, is opening a hub in Scotland.
KultraLab, which uses artificial intelligence to enable businesses to build the workforces of the future, has received more than £2 million from Scottish investment syndicate, Kelvin Capital and Scottish Enterprise.
The new site in Edinburgh will be London-based KultraLab’s product hub and will employ 25 staff.
Mr Lyon, non-executive chairman at KultraLab, is a former managing director of 3i and was involved in many high profile deals at 3i Scotland in the 1990s and 2000s.
Commenting on KultraLab’s move into Edinburgh, he said: “We are excited to be partnering with Kelvin Capital and Scottish Enterprise. This partnership will give us access to Scotland’s talent and technology experts which will help power our growth.”
Steve Baggi, founder & CEO of KultraLab, said: “The way in which people work has changed dramatically, around the globe and in every sector.
“This is a massive space for companies such as ours offering services to help organisations manage these changes. With our new funding we are well placed to reach scale very quickly.”
Stuart McKee, Chairman at Kelvin Capital said: “KultraLab’s highly experienced management team has rapidly created a new technology that has already secured major buy-in from the consumer sector and is set to accelerate its growth with this new investment.
“Choosing Edinburgh as its location for product and technology development is a tremendous endorsement of the skills available to the marketplace and we are delighted to be early-stage backers of the business and its board and look forward to working with them to achieve their ambitious plans.”
Scottish Business Minister Ivan McKee added: “Businesses which invest in Scotland tend to stay in Scotland, and I hope KultraLab will be no different.”
Mark Hallan, director of global investment at Scottish Enterprise, said: “KultraLab was attracted to Scotland due to our incredibly talented workforce and world-class universities. Alongside the supportive business environment, this is what makes Scotland stand out from the rest of the crowd.”
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