3i backs Datanomic as future of data quality
Cambridge, UK: Datanomic, Europe's fastest-growing data quality company, has attracted a significant £2.5 million investment from 3i, in a round of series B funding.
Existing investor DN Capital of London increased its support for the company in this round and members of the company''s board and management team also participated.
The investment is a major endorsement for Datanomic''s new senior management team and its next generation data quality solutions. Datanomic, founded by Dr Richard Marsh, recently augmented its team with the recruitment of Laurie Mascott, former region manager at Siebel Systems and former MD Europe for WebMethods, as CEO and Tom Scampion, former EMEA vice-president sales for Trillium Harte Hanks, as vice-president sales.
The global data quality software market is increasing rapidly and according to leading analyst Gartner will be worth over $1billion by 2007. The additional funding puts Datanomic in pole position to exploit this opportunity by enabling it to further develop its product portfolio, build strategic partnerships and expand internationally.
Matthew Mead, 3i director and Datanomic board member said, "Corporates are increasingly acting on the critical need to improve data quality and 3i believes Datanomic has the team, expertise and technology to dominate this rapidly growing market. We have been actively looking to invest in the data quality arena for some time and having closely analysed the market, Datanomic stood head and shoulders above legacy providers of data quality solutions. Datanomic has an outstanding management team and we look forward to working with them to accelerate the company''s expansion plans via our international and US networks."
Steve Schlenker, managing partner of DN Capital and a board member of Datanomic, said, "Datanomic now has one of the best enterprise software management teams of any venture backed company in the United Kingdom. This new round of funding provides the capital to enable Datanomic to meet the accelerating demand from its customers and from the industry as a whole for enterprise-wide information integrity."
Steve Newton, Datanomic chairman said, "We are building a world-class company at Datanomic. A receptive market, great products, a great management team and excellent investors make for the crucial ingredients for our success. 3i''s investment is a major endorsement of Datanomic and its capacity to deliver real value to its customers.
Notes to editors
Datanomic specialises in end-to-end data quality management and information assurance. It delivers the world''s only integrated data quality software system that combines data audit, clean, error prevention and compliance. It solves data quality and business process problems for its rapidly growing European blue chip client base across all sectors including telecoms, finance, utilities and engineering. Clients include AMEC Oil and Gas, Powergen, Alliance & Leicester and COLT Telecom. For more information see: www.datanomic.com
3i is a world leader in venture capital and winner of the "VC Fund of the Year 2004" Investor AllStars Award. We focus on early stage venture capital investing across Europe, in the United States and in Asia Pacific. During 2004, 3i was the most active European VC investor firm, investing £74m in early stage technology companies in the 6 months to 30 September 2004. It also achieved successes such as the flotation of Cambridge Silicon Radio on the London Stock Exchange, led a $40m series C financing round in Vonage, the leading provider of broadband phone service, a £2m investment in start-up, 42 Objects, and many others. For more information, go to: http://www.3i.com
About DN Capital
DN Capital is a pan-European venture capital firm, backed by leading institutional investors in Europe and United States. Its focus is to actively assist leading European software and IT companies to become world class players. DN Capital brings more than just capital by adding significant value to its portfolio companies through the experience of its partners and network of industry professionals. DN Capital looks to invest €1-5 million per company, concentrating its investment activities in the United Kingdom, France, Nordics and Germany.
Additional information about the firm''s strategy, objectives and activities can be found on its website, www.dncapital.com.
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