Angel investors back Warrington software firm
A software company in Warrington has received a £500,000 injection from more than 30 angel investors.
Avanite, which was founded in 2015 by IT consultants Peter Jones and Francesco Giarletta, helps IT managers to improve user experience, speed up log-in times and reduce infrastructure costs.
The firm’s WebData Control software removes the web cache including the web browsing history that is retained by users in virtual computing environments. Removing this unnecessary data helps to improve performance and safeguard sensitive information in line with new data privacy rules.
The £500,000 investment was secured through Dow Schofield Watts Angels, the new Northern angel network.
The money will allow Avanite to expand its team to boost sales and speed up product development.
Francesco Giarletta said: "We're extremely pleased to welcome DSW Angels on board. Their support enables us to accelerate growth through our roadmap schedule to strengthen our product portfolio."
Dow Schofield Watts Angels now has over 50 investors and has received applications from over 150 tech firms.
Avanite was the first to be selected and angels were offered an EIS qualifying £500,000 stake.
David Smith, who heads the network, said: "Avanite’s software solves a major problem for IT managers and could have first-mover advantage in the global marketplace. We have had very strong interest from our members since presenting them with this opportunity.
"Having already identified a number of other tech firms with high-growth potential, we look forward to completing more investments in the near future."