FARNBOROUGH, England, October 13, 2016 /PRNewswire/ --
Fedr8 the Gartner Cool Vendor Announces the Successful Completion of its Third Round of Seed Funding
Fedr8, the Digital Transformation Company and Application Analytics Software vendor is pleased to announce that it has successfully raised £600,000 ($750,000) in its third seed funding round through a placing of new ordinary shares by Sentient Capital, a fully regulated EIS specialist.
This is the third fundraising round since 2014 and takes the total funding to £1.1m ($1.37m).
The proceeds of the fundraising will be used to further develop the company's sales capabilities and Partner network in Europe and the US and to capitalise on the strong multi-national interest the Application Analytics suite has generated.
Fedr8 is a partner led business and solves one of the largest inhibitors to Enterprise adoption of the Cloud, legacy application compatibility with the major cloud vendors platforms. As Digital Transformation takes hold in the enterprise companies are increasingly needing to understand more about their existing applications as they make the shift towards Cloud and agile delivery. Fedr8's software delivers the required business case information that allows them to make the right decision about their applications.
Commenting on the successful round, Neil Butland, Managing Director of Sentient Capital said:
"At Sentient Capital our bespoke approach to EIS investment means we set the bar high for companies we work with. Fedr8 with its global ambitions and world class IP assets in the form of its analytics suite software, fulfilled all the criteria we look for. The management was mature and experienced at delivering shareholder value in the technology market and this gave us the confidence to present them to our discerning EIS investor base. Sentient Capital are proud to have been able to help Fedr8 move to the next stage on their exciting journey."
Damion Greef Fedr8 CEO added:
"The successful close of this round leaves Fedr8 in a strong position to make the leap from a software company in development to a business capable of capitalizing on a global market for its award winning software suite. After three years of intensive R&D and product testing Fedr8 is now actively selling and building a very promising pipeline with Enterprise scale companies.
Funding is the life blood of all innovative and disruptive technology companies, the relationship and support we received from Sentient Capital and their investors has been invaluable."
Damion Greef, CEO
Notes to editors:
Fedr8's software solves one of the major IT problems in the world today: How does a major international company move to the cloud and capitalize on the efficiencies and economies that the cloud brings? The shift to cloud technologies and the digital transformation projects undertaken by large enterprise organizations pose many challenges, there are the unknown figures relating to cost and time for migration or transformation. In addition, there are unknown risks relating to relocating or changing the applications that support their businesses. Fedr8 reduces the risk in legacy software applications, identifies the most appropriate cloud to move to, accelerating the application analysis by 90% whilst significantly reducing the costs by 50%.
Fedr8 solves this problem using it's proprietary artificial intelligence engine which interrogates software at a code level allowing the code in that software to be changed to suit the major cloud companies' cloud platforms. 50% of enterprise organizations have over 500 software applications written in multiple programming languages across their global estates. This Enterprise is Fedr8's primary market. Fedr8 are in the business of digital transformation to enable Enterprise businesses to optimize technology advancements. Our mission is to support our customers in embracing the business benefits of the adoption of the Digital Economies through accelerated adoption of Cloud Environments.
SOURCE Fedr8 Ltd