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The North West Fund for Digital & Creative, managed by AXM
Venture Capital Limited, has made a further £200,000 equity
investment into existing portfolio company Autology World Limited
as part of a £330k equity financing package to support the
company's continuing penetration of the UK education market.
The Fund has now invested £1.9m into a total of nine digital and
creative businesses across the North West region.
The North West Fund for Digital & Creative is part of the
£185m North West Fund financed by The European Regional
Development Fund and The European Investment Bank.
Autology is a unique e-learning application for secondary
schools and colleges, combining the power of Autonomy's
world-leading contextual search software with the content of the
leading educational publishers, to accelerate and enhance students'
learning. Autology was established in 2007, and is based at the
Daresbury Science and Innovation Centre.
Since the Fund's first round investment in June 2011, Autology
has made great progress:
The investment will finance the continued development of the
Autology software platform and the Company's ongoing marketing of
the product into new regions across the UK.
CEO Eric Hobson, commented: "Our subscriber base is growing
rapidly, up from 25,000 in September to close to 100,000 in April.
These additional funds give us the means to hit 500,000 by the year
David Smith, Investment Director of AXM Venture Capital,
commented: "We have been delighted to see the progress made by the
management team using our first round investment. Autology has a
fantastic product; real momentum in the education market, and this
latest round will help the Company firmly establish itself as the
default provider of online educational resources in the UK. "
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