MIA 2015

Here comes innovation


AlgoLib LTD

AaaS (Algorithm as a Service) Innovator

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At AlgoLib, our mission is simple. With just one line of code or click of a button, anyone will be able to access the most sophisticated algorithms and run them from any device seamlessly on the cloud. So what are algorithms? Algorithms are simply a set of instructions that a computer executes in sequential order and they drive everything from what you see on your Facebook news feed to the results of a Google search. We are the first algorithm marketplace of its kind, facilitating the trade of ideas and connecting the brightest minds across the globe. Our innovative AaaS (Algorithm as a Service) platform works via an API call, so consumers only pay for what they use and the market will determine a fair price. Our community is encouraged to simply upload their work, set the price and watch their revenue build with no further action needed. Since we use multilayer encryption, only the writer of the algorithm will be able to access the code, it will remain a black box even to us. We believe everyone should have access to cutting edge technology, taking power from multinational corporations and giving it back to local businesses, public institutions and students.

What prompted you to develop it?

Our story began as a successful data science consultancy & solution provider, in just 12 months we now have a team of 7 full time staff including internationally recognised academics and professionals with years of experience in the industry. We successfully delivered a number of solutions and bespoke analysis projects, most notably our market leading product Andromeda (Economic Scenario Generator) for the insurance industryWe have presented our work to the houses of parliament, to HRH the Duke of York and across Europe.   

We wanted to leverage the technology we developed as a consultancy and make it available to the public, the underlying system architecture already exists and our clients already rely on it every day. Not only do we have a comprehensive library of fully tested algorithms, we also wanted to give our community the opportunity to sell their work. 

Is it in production or use?

Our revolutionary new platform is in the final stages of production and we hope to be have a Beta version launched in early June. If you want to sign up to our newsletter and get our latest updates, then you can find the link to our website in the ‘Contact Details’ section.

Who inspires you?

Education is at the core of everything we do. With our community initiatives, we have delivered over 20 entry level coding classes to hundreds of students across the country. We are always inspired by the enthusiasm and ingenuity that our students demonstrate. They give us the motivation to continue our mission and inspire the next generation of students to pursue a career in technology.

What do you hope to achieve in developing this innovation?

We hope to put world leading technology in the hands of as many people with only an entry level knowledge of programming as possible, even through a mobile device At the very least we are excited to be users of the platform ourselves. 

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Contact Details


Date of Application

February 2018