Irish co-founded data firm Logical Clocks raises €5m

Logical Clocks, a Swedish technology company co-founded by Irishman Jim Dowling, has raised €5 million from backers.

The company, which is based in Stockholm, provides enterprise support for Hopsworks, a platform for data science and artificial intelligence (AI) that integrates open source distributed processing frameworks such as Apache Spark, TensorFlow and Kafka.

Mr Dowling said the funding would be used to accelerate the development of the platform, which was used by companies to easily deploy real-time calculated data and increase collaboration across teams. It is also looking to expand in a number of markets, including in the US, where it is seeing increased demand.

Logical Clocks was founded in 2016 by Mr Dowling, Prof Seif Haridi and members of the distributed computing group at KTH Royal Institute of Technology and the ICT research institute Rise Sics in Stockholm.

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Logical Clocks' customers include Paddy Power Betfair, Swedbank, Nvidia, Scania, AMD and Karolinska University Hospital, the largest healthcare facility in the Nordic region. The company's technology is also used by music streaming giant Spotify.

Seed round

The new Series A investment was led by Industrifonden with participation from Inventure. It follows on from a €1.5 million seed round in late 2018 whose participants included Dublin-based Frontline Ventures.

Mr Dowling, who comes from Lucan, Co Dublin but lives in Stockholm, previously worked at the distributed systems group in Trinity College Dublin, home to a number of successful Irish tech companies, including Iona Technologies and Demonware. He also previously worked for MySQL in Sweden and as a researcher at both KTH and Rise Sics.

“We’ve built a data layer for artificial intelligence that is going to be a massive opportunity because we are the first to be looking to help organisations execute on this. It’s an exciting space to be in,” said Mr Dowling.