A Belfast-based software company, Cloudsmith, has secured a £50m investment led by two US venture capital firms. The funding represents the largest such deal for a Northern Ireland technology firm.

Cloudsmith plans to use the money to hire more staff and speed up software development. The company employs 130 people, mostly in Belfast.

Chief executive Glenn Weinstein stated the firm approaches a $1bn valuation, known as unicorn status. He indicated Cloudsmith heads toward that milestone.

The round includes reinvestments from California-based TCV and New York-based Insight Partners, plus existing backers. TCV Partner Morgan Gerlak noted the firm's role in artifact management for the AI era.

Cloudsmith manages software supply chains via the cloud, addressing complexities from AI-generated code. Weinstein said AI produces software too quickly for full human review, and Cloudsmith provides scale to counter new threats.

Founders Alan Carson and Lee Skillen previously worked on New York Stock Exchange technology in Belfast. This marks the firm's third funding round, a Series C.