Engine B, which is a co-created professional services enterprise, has today announced it has been awarded £1.7m from Innovate UK.
The award brings funds raised so far by the data and innovation venture to £3.5m in total.
The company says it will use the funding to bring its platform to market, which in turn will enable the professional services industry to establish fully digitised and artificial intelligence driven services.
The professional services sector accounts for almost 11% (£186bn) of the UK economy’s gross value added and 13% (4.6m) of employment.
Engine B brings together a consortium to solve one of the biggest obstacles to the digitisation of professional services – a standard access methodology to client data.
Engine B achieves this by opening the marketplace based on three guiding principles:
• Open Source wherever possible
• Client data remains with the client
• Using industry IP to create intelligent data
Engine B was founded in 2019 by the former Head of Digital Disruption at KPMG, Shamus Rae.
He comments: “Legacy methods of corporate data access in professional services are neither client centric, nor do they create the open and standard access method that we need if we are to drive innovation and broaden competition.
“Clients are now, rightly, expecting better when it comes to the way professional services firms access their data and we are hugely excited at the opportunities we have for disruption in this market.”