Dow Schofield Watts Ventures – the network set up last year to bring together individual investors with promising Northern technology firms – has chosen a Warrington-based software company for its first funding round.
The Ventures are being offered an EIS qualifying £500,000 stake in Avanite, which has developed a product to help IT managers to improve user experience, speed up log-in times and reduce infrastructure costs.
Avanite’s WebData Control software works by reducing the amount of web data retained by users in virtual computing environments. By removing unnecessary data, Avanite’s software improves performance and also helps to safeguard sensitive information in line with new data privacy rules.
Avanite was founded in 2015 by IT consultants Peter Jones and Francesco Giarletta. WebData Control, its first product, was launched in 2017 and has already achieved six-figure sales, with customers including Gwynedd Council and a large Swedish industrial group. The funding will allow the firm to hire additional staff to speed up development and assist with sales and marketing.
Dow Schofield Watts Ventures now has over 50 investors, who are being invited to participate in the funding round. The network has received applications from over 150 tech firms, with Avanite the first selected.
David Smith, who heads the network, says: “Avanite’s software addresses a very real problem for system administrators and initial sales have proven its appeal. The founders have so far managed to bootstrap the business using their consultancy income. This funding will allow them to focus on developing the product further and building the customer base. We believe that WebData Control has first-mover advantage in a large global market.”