Surrey-based Illumix Software is setting up a technical centre in north-east England after receiving venture capital funding from a firm based in the region.
Illumix received £1.5 million in total, comprising £700,000 from Newcastle-based NorthStar Equity Investors, £500,000 from co-investors Hotspur Capital and the balance from business angels and the management team.
The company’s technology aims to help large corporations with complex IT infrastructures to more accurately align IT resources with business requirements.
Chief technology officer Andrew Parker says, ‘In many cases, businesses are supporting expensive legacy IT platforms that could be greatly optimised in terms of performance and operating costs.’
Alasdair Greig, investment manager at NorthStar, led the deal for the firm. The funding will be used to seek new clients while continuing to develop the company’s technology from its new office in the North East.