A London startup firm’s growth into Glasgow will result in the creation of 37 new information science jobs.
B2B payment conclusions company Previse has procured a #800,000 grant from Scottish Enterprise to launch the development in Scotland’s greatest city.
It will be the company’s first office in Scotland, from where it plans to begin rolling out its first instant-payments programme using a number of blue chip multinational purchasers.
Welcoming the statement, Scottish Government Minister for Business, Innovation and Energy Paul Wheelhouse stated: “Scotland is a world famous center for expertise in science and electronic technology and I am delighted to welcome Previse to our booming fiscal technology community.
“The Scottish Government are encouraging business innovation by giving an extra #15 million annually for development and research, which will aim to assist lever in additional small business expenditure on research and development which may provoke further economic and job growth, and develop leading edge experience.”
Previse’s technology utilizes artificial intelligence to enable large companies to cover their suppliers the day they receive a statement.
Using hundreds of millions of data points, it generates an independent score of a multinational buyer’s likelihood to pay a statement.
The technology utilizes this to make a decision about which invoices will be paid, so funding can be expanded to SME suppliers immediately.
Previse intends to tackle the problem of overdue payment to the supply chain, which is identified as a growing challenge for Britain’s small companies.
Using a reported 60 percent experiencing the problem, figures reveal that overdue payments force 50,000 UK companies to close every year.
David Brown, Previse’s co-founder and chief product officer, added: “Glasgow has become a thriving center of UK fiscal engineering, which makes it an perfect location for us.
“We’re looking forward to further strengthening our connections to the Scottish business community in addition to Scottish academia, through our work with The Information Laboratory, and support from Scottish Enterprise to take whole benefit of the ability of artificial technology to handle late payments once and for all”