Friday 22 October 2010
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A Staffordshire company which has developed unique Business Intelligence (BI) software has received investment from one of the region’s leading venture capitalists.
Connexica, based in Stafford, has attracted an investment of £250,000 from Midven’ s Exceed Midlands Advantage Fund – a recently launched £18m fund financed by LDC, Advantage West Midlands and the European Regional Development Fund.
The investment is a result of Connexica’ s development of a business intelligence tool called CXAIR (formerly known as NetSearch) that allows users to index, enquire, analyse and present large volumes of corporate data at “search engine” speed.
Richard Lewis, managing director of Connexica, said that CXAIR’ s speed, ease of use and flexibility set it apart from its competitors.
“It is also less expensive than comparable BI software and has a wider range of capabilities. These include the ability to search and analyse both structured data (existing databases) and unstructured data (e.g. documents) concurrently, because of our use of search engine technology, and then presenting the results in a single data view.”
“The application also provides a simple dashboard view for non– technical users or senior management who require fast access,” he said.
Surjit Kooner, investment director of Midven’ s Exceed Midlands Advantage Fund, said that he was pleased to be working with a local company with great potential.
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About Midven Limited/Exceed –Midlands Advantage Fund
Midven Limited is a privately owned commercial fund manager with a successful track record of investing in small and medium–sized enterprises in the Midlands. Midven manages five funds representing £61m under management. The funds have invested in a wide variety of sectors, including software, biotechnology, healthcare, engineering, manufacturing and distribution.
The £18m Exceed Fund was established in March 2010 to invest in high growth businesses in the West Midlands. The Exceed Fund can invest up to £750,000 in a range of sectors to support expansion and development. Managed By Midven, its investors include Lloyds Development Capital, Advantage West Midlands and the European Regional Development Fund.
- LDC (Lloyds TSB Development Capital) is part of the Lloyds Banking Group and is authorised and regulated by the Financial Services Authority.
- LDC has, since 1981, completed over 400 investments, has ongoing interests in over 60 businesses across the UK.
- LDC back ambitious management teams from UK–based companies seeking between £2m and £100m of equity for management buy–outs, institutional buy–outs or development capital transactions.
- LDC invests in a broad range of sectors and has particular experience in financial services, healthcare, industrials, IT & software, leisure & media, retail & consumer, and support services.
- LDC is the leading private equity company in the UK mid–market. Recent transactions include investments with Eveden Group, CMG, Emprise, Kimberly Access, The Pallet Network, VSG, Omega Red, Cranswick Pet & Aquatics, Evander Group, Nuclear Engineering Services and Orion Media plus exits from Electrium, Aqualux, Cardsave, Paragon Holding Ltd, Steelite International, Avery Weigh–Tronix and Britton Group.
Established in 2006, Connexica provides a fundamentally different approach to information retrieval and management reporting. Their powerful querying and analysis tools offers organisations the ability to index (using a search engine), retrieve and analyse their data at extremely high speeds even on large data volumes, easily and securely from any location. Their vision is to improve access to intelligent information for millions of people. Not just the elite, technical few.