£8.5m for risk management software firm
EnvironmentIQ, a supplier of risk management software, has received £8.7m from Fidelity Ventures and Cazenove Private Equity.EnvironmentIQ, a supplier of risk management software, has received £8.7m from Fidelity Ventures and Cazenove Private Equity.
The growth capital will help the Cambridge company exploit substantial opportunities internationally.
Formerly Camaxys, EnvironmentIQ's flagship product, RiskLedger, provides an integrated platform for controlling risk assessments, managing all types of incidents and alerting and reporting across the enterprise. The system can be tailored to track any type of incident including injuries, hazardous substance exposure and asset damage. The company has just launched its new generation version.
The worldwide demand for software to support operational risk management is set to take off according to Simon Clark, Fidelity Ventures' London-based partner.
“We have been researching this market for some time and believe that companies will require enterprise solutions to deliver transparency for regulatory reporting and process improvement.
“We're very pleased to support EnvironmentIQ in addressing this market need and believe that the company is well-positioned to become the category leader.”
RiskLedger has evolved from a rich set of functional systems originally developed by Camaxys which, over the last decade, has delivered EH&S solutions for leading blue chip companies such as Shell, BASF, Invensys and ExxonMobil.
CEO Mike Hedger has over 25 years of experience in the software industry. Most recently he was CEO of KVS, an email archiving company that grew to be the category leader prior to being acquired in 2004 for £130.4m.
Catrina Holme, investment director at Cazenove Private Equity, said: “We are very excited about EnvironmentIQ.
“Having worked with Mike Hedger at KVS we are confident that we have assembled the best combination of people and technologies to provide world-class solutions which help companies address the ever increasing regulatory burden and reduce overall operational risk.”