Factonomy raises £860,000 in second round funding
Factonomy, a leading enabler of web-based business solutions, announced today that it had secured almost £900,000 in second round funding.
The Sigma Innovation Fund (“SIF”), a fund managed by Sigma Technology Management Limited, has led a total investment of £860,000 into Factonomy Limited. Acting as lead investor, the SIF invested £300,000. Other investors at this round included Barwell plc, Tri Capital Limited and Scottish Enterprise's Scottish Co-Investment Fund.
Factonomy was founded in 2003 by Graeme Bryce and licenses its technology to companies to help them reduce the time and cost it takes to develop applications. The company sought a second funding round after it began to attract a significant increase in demand for its technology, the Factonomy Framework.
Factonomy currently employs eight people and will use the funding to expand its sales and marketing and technical support functions.
Factonomy has a broad portfolio of clients, including national and international public companies. Among the corporate announcements made in recent months were deals with a number of blue chips, such as Standard Chartered Bank.
"We are looking forward to growing the business substantially over the next two years," said Geoff Kell, CEO Factonomy. "We are delighted to secure Sigma as lead investor at this round and their support throughout the transaction was critical. We have an excellent order book and expect to make further announcements in the coming months."
Patrick Graham, a director in Sigma's investment team, said: "We think that Factonomy’s technology is very innovative and has huge potential, and we are delighted to be joined in this round by Barwell plc, Tri Capital Limited and Scottish Enterprise's Scottish Co-Investment Fund."
"Our technology offers real productivity benefits, reducing the time and cost it takes to develop applications," Geoff Kell continued. "The Factonomy Framework allows developers to work independently on style, functionality and content, so they can deliver solutions which are agile, flexible and cost effective."
Recent testimonials for the Factonomy Framework including support from Microsoft, Sykes Enterprises and Quorum Network Resources:
"Organisations will see quicker time to market and more cost effective solutions by using Factonomy Framework’s unique approach to delivering web-enabled business solutions." Peter Ferry, Scotland Technology Advisor, Microsoft Ltd.
"We can reduce the time it takes us to prototype applications by around 30 per cent thanks to the unique approach Factonomy take to application development." Charles Scott, Technical Director with Quorum Network Resources.
"We estimate the savings we will make, compared to our previous system, are over $100,000 a year." Les Torrance, CFS Director, Sykes Enterprises.
