ApplianSys plugs in to funding
ApplianSys, which designs and builds server appliances, has raised £620,000 in a funding round backed by both institutional and angel investors.
The London Technology Fund (LTF) and the Capital Fund join private investors in the syndicate.
ApplianSys develop plug-and-play devices which are designed to perform specific functions on an IT network.
Its products offer companies an alternative to installing software on their systems and should be an easier solution to IT problems.
The company says it’s products are simple to use, secure and will prove to be more cost-effective than many other solutions currently on the market.
The extra investment will enable the company to develop its products and take advantage of a growing but fragmented market.
Mike Clark, founder and chief executive officer of ApplianSys, said: “The London Technology Fund offers early-stage IT companies a route to bridging the funding gap which exists in the UK.
“Its understanding of the particular dynamics of technology ventures and markets, allied with a rigorous approach to due diligence, gave reassurance to angels and so helped us secure co-investors alongside themselves and The Capital Fund.
“We now have the support and resources we need to build ApplianSys into a European leader in the growing market for server appliances.”
David McMeekin, chairman of the London Technology Fund and The Capital Fund, said: “We are delighted to have the opportunity to support this exciting company as it builds its presence in the global market for server appliances.”
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