'Future unicorn' start-up eyes £1.5m funding
A hotly-tipped tech start-up which unlocks increased processing potential within servers plans to raise £1.5m after taking part in the UK's first dedicated SpaceTech accelerator.
Reconfigure has already secured investment from UKFast, whose co-founder and CEO Lawrence Jones is on a mission to speed up the internet.
The Manchester-based start-up was one of six companies selected to join Seraphim Capital's Space Camp Accelerator, described as the UK's first dedicated accelerator for start-ups in the SpaceTech industry.
The nine-week programme ends on July 10, culminating in a pitch to VC investors and a 'product day' aimed at showcasing products to customers. The initiative is backed by the UK and European space agencies as well as corporate partners including the likes of Rolls Royce, Airbus and Surrey Satellite Technology.
"It's been a hard-hitting bootcamp, refining all aspects of our business and investment proposition," chief operating officer Sarah Botham told BusinessCloud.
"The focus is to accelerate taking our product to market and making world class contacts in the right areas both for industry and investment.
"Through the space camp our CEO Rob Taylor visited Airbus and the European Space Agency, and discussed putting our platform in space and into space applications."
In terms of funding, Botham told BusinessCloud: "We closed a £500,000 investment round in November which included investment from UKFast and now we’re moving on to a seed round to raise £1.5m."
The firm has already received interest from investors hoping to participate in a Series A round, which she expects the company will close in early 2020.
Reconfigure, which is also backed by leading industrialist and investor Malcolm Evans, is using technology to tackle the global problem of IT systems struggling to cope with massive data demands.
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