Object Matrix secures venture capital funding to take advantage of strong broadcast and rich media data storage growth
2nd May 2007
Object Matrix from Woolaston in Gloucestershire, which specialises in data storage software, is set to expand into the US market after securing £250,000 venture capital funding from the YFM Group managed £25m South West Ventures Fund.
Object Matrix has also established a close working relationship with Apple Computers Inc, the fastest growing hardware business in the data storage market. Object Matrix is currently the only disk based storage software of its type that takes advantage of the power and price benefits offered by the Apple Xserve platform. Expansion into worldwide markets is likely to have a substantial impact on sales as, in part, Object Matrix will take advantage of its ability to combine its software with Apple’s software packages. Apple is recognised as an industry leader in data storage rich-media markets such as broadcasting, film editing, design and print.
Object Matrix has spent the last three years developing MatrixStore, a software solution that combines with non-proprietary hardware - from manufacturers such as Apple, HP and IBM - to provide a powerful data storage archive that can search, protect and retrieve data quickly and efficiently. MatrixStore reduces management costs arising from archiving large amounts data to tape by automating manual process that are currently both costly and error-prone.
It is particularly suitable for reference data that does not require updating or editing but which is required to be online and available on-demand thus enabling editors or researchers to get the data to their desks instantly. Putting an enterprises digital heritage online also provides a means of generating new revenue streams thus providing real benefits in both company productivity and profitability. MatrixStore is ideal for storing film clips, images, audio clips and scientific data. Key market sectors include, therefore, broadcast and production, design and print plus science and research.
“We are confident that we have developed a product that offers superior functionality both in terms of the amount of data it can store and the ease with which this information can be retrieved,” said Jonathan Morgan, Managing Director of Object Matrix. “It’s also extremely secure and can be accessed by literally hundreds of people at any one time.
“It’s a market with huge growth potential and this funding from the YFM Group will enable us to initiate our expansion strategy. We are looking to increase the size of the workforce; develop our sales and marketing activities to enable us to grow our brand profile; and to maintain our product development,” he concluded.
Julian Dennard, Investment Manager with the YFM Group said: “The rapid growth in digital technology combined with recent legislation such as the Data Protection Act means that the market for secure and efficient digital data storage is vast and expanding rapidly. An added benefit of Matrixstore is that it is easy for companies to add additional capacity as their storage requirements grow.
’We are delighted to invest in Object Matrix which has developed technology at the forefront of a market with the potential for huge demand.”
He added: “The South West has a vibrant SME community and has particular strengths in technology sectors. We have a real determination to play a vital role in the region’s on-going prosperity by investing and supporting thriving companies such as Object Matrix.”
The YFM Group managed South West Ventures Fund can invest up to £500,000 as a sole investor and potentially up to £2.5m alongside other investors. Recent investments have helped businesses in a number of sectors including technology, leisure, healthcare and business services.
ENDS
NOTES TO EDITORS:
YFM Group
YFM Group – is the UK’s most active investor in the small and medium enterprise marketplace. YFM Group manages in excess of £250 million of funds with investment sizes ranging from £50,000 to £5 million. Principal offices are located in Leeds, Manchester, London and Bristol with over 40 investment professionals being employed across the UK.
The YFM Group manages the South West Ventures Fund, which is a £25M fund that has been set up to provide venture capital to small and medium sized enterprises (SMEs) based in the South West of England. Initial investment can be up to £250,000 with an ability to invest a further £250,000 after six months. In certain circumstances, alongside other new investors, the Fund can follow on its investments to provide a total of £2.5 million to one company. To date the fund has invested £5.0m in 19 companies.
South West Ventures Fund is managed by YFM Venture Finance Limited part of the YFM Group. YFM Venture Finance Limited is authorised and regulated by the Financial Services Authority.
For further information about YFM Group and South West Ventures Fund, please telephone 0117 906 3410, log on to www.southwestventuresfund.co.uk or email info@southwestventuresfund.co.uk