Tech firm invests over £15m into AI jobs

Newry based tech firm First Derivative has announced a £15.3m investment in research and development for people working at the cutting edge of Artificial Intelligence (AI).

Founded by the late Newry businessman Brian Conlon in 1996, but now owned by EPAM, First Derivative is a global consulting firm that provides a range of solutions for the financial services industry.

Although headquartered in Newry, the company has clients around the world and works with around 80 banks.

It also confirmed on Wednesday that it was creating 100 jobs for a new AI and fintech centre of excellence.

Seventy of those jobs will be based in Newry, with the remainder in Belfast.

This will bring the total First Derivative workforce to around 600 people.

Invest NI has provided just over £3m of support for the initiative.

Speaking at the jobs announcement, FD's Head Andy Colhoun said the investment put the firm at the "forefront of the AI revolution".

"We are hoping to be at the beginning of an upward curve here," he said.

"They will be working at the cutting edge of advanced AI technologies that are coming out, solving really complex problems for our clients globally. 12 or 13 of those projects are already underway."

First Minister Michelle O'Neill and deputy First Minister Emma Little-Pengelly were among those at today's announcement.

Economy Minister Caoimhe Archibald, who was also present, said: "This will create high-quality jobs that deliver across all of the objectives we have under the economic vision in terms of good jobs, improving productivity and improving regional balance."

The issue of Invest NI's performance in relation to regional balance has previously been discussed, with the organisation facing criticism over the level of inward investment in the north west.

On Wednesday's launch, Invest NI CEO Kieran Donoghue said the announcement highlighted their commitment.

"We try and secure investment from locally owned and foreign owned companies. So we see both contributing to our policy of improved regional balance. We have companies investing in Omagh, Belfast, Derry/Londonderry and all over Northern Ireland."

He said they aimed to have 65% of investments to be outside of Belfast city centre.

"We are still short of the target but we always knew we wouldn't get there in three years but we have started that process," he added.

Last year Invest NI won 2,200 investments - 1300 of those were investments outside Belfast he said.