Data City said that it had secured more than £600,000 in contracts in the last quarter, which is double the same period last year.

The contracts include work with the Department for Business and Trade, the Government Office for Science and the Department for Science, Innovation and Technology.

Data City is now developing a Beta tool with selected clients to combine company data in the US and the rest of the world within its classification.

An ecommerce global Data City product will be released in 2024, with the platform providing real-time company data on emerging economic sectors.

The tool will use artificial intelligence to gather data from various sources, including open data sets and company financials, to help users make discoveries.

Alex Craven (pictured), chief executive at Data City, said: “We are building a new and more accurate way to understand our economy and the companies that operate within it.

“Data has become the currency of the modern economy, and as the demand for accurate, timely and relevant information grows, so does the value of those who can provide it. Our rapid growth is a testament to data’s critical role in shaping the future of business and society as a whole.”