The Smart Data Foundry, a subsidiary of The University of Edinburgh and a private limited company, said Michelle Elliot and Callum Carmichael of FRP Advisory have been appointed Joint Administrators of the firm.

The business has ceased trading and 25 employees were made redundant, with five staff temporarily retained to safeguard assets and intellectual property.

It is understood Smart Data Foundry Limited had received substantial public funding, including a £22.5 million UK Research and Innovation (UKRI) grant and a further £3 million award for its Financial Data Service.

Smart Data Foundry was established to unlock the potential of private sector financial data for social benefit.

Its work centred on secure data sharing, research and analytics, using de-identified financial information to help researchers, policymakers and organisations understand issues including poverty, inequality and economic wellbeing.