| Datanomic eyes overseas expansion after successful £1.7m funding round |
| Written by Lautaro Vargas | |
| Wednesday, 19 March 2008 | |
|
Cambridge-based data expert, Datanomic, is preparing to set up its first overseas offices following a $3.5 million (£1.7m) funding round.
The data quality specialist will increase global staff numbers by as much as 40 per cent as it establishes commercial teams in two offices in the US and Asia-Pacific and seeks to rapidly expand strategic partnerships and key lines of business. The funding, which was provided by 3i, DN Capital and new investor Silicon Valley Bank, comes on the back of what Datanomic says has been a year of unprecedented growth with revenues up over 300 per cent and more than 50 new customers secured in the financial services, telecoms and retail markets. “This latest round of funding will enable us to maximise our expansion, partnerships and market penetration,” said Dr Jonathan Pell, CEO of Datanomic. Spun out of Quillion Ltd with £250,000 funding from Added Value Capital Partners in 2001, Datanomic raised £1.8m at the end of 2003 from London-based venture fund, Digital Networks (DN Capital) which contributed again in a £2.5m in Q1 of 2005, this time led by new investor 3i. Its software automates the process of identifying and correcting data quality issues and preventing their re-occurrence. Inaccurate and low-quality data is estimated by some to cost industry business hundreds of billions of pounds every year in bad mailings and staff overheads alone. Datanomic’s global partner network is a critical part of its growth strategy and the company is continuing to expand its partner network, securing strategic partnerships that offer solutions for compliance, risk management and business critical applications. This has spearheaded Datanomic activities into new vertical markets as well as new countries. As well as establishing sales and marketing teams in the new territories, which will initially consist of between five and 10 staff, the firm plans to bring in at least 15 to 20 new partners over the next year. Dr Pell said: “There are a number of key factors underpinning our growth, such as legislative drivers around compliance and risk management, as well as the need for stable migration and integration of business critical data. “This funding is not only an endorsement of investor confidence in our rapidly growing market, but also in our strategic business plan and the opportunities around customer acquisition, global growth and technology leadership. “Companies realise the proactive steps required to manage data quality as a strategic resource and a valuable asset. “Datanomic has become synonymous with first class data quality solutions for companies that are serious about protecting their data assets and managing risk.”
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