ClusterSeven secures £2.4m in first round funding

ClusterSeven secures £2.4m in first round funding

ClusterSeven, a UK-based provider of spreadsheet management technology, has secured £2.4 million from venture capital firm Quester in a first round of investment funding.

ClusterSeven says the funds will be used to support product development and US expansion plans.

The vendor's software addresses operational risk control and the compliance impact of financial institutions' reliance on spreadsheets, and provides non-invasive, passive monitoring and tracking of spreadsheets down to a cell level across an institution.

Commenting on the funding, Henry Sallitt, a director of Quester, says: "In the current regulatory environment the control of spreadsheets is paramount and we believe there is a very substantial global market for ClusterSeven's products. The company has built an impressive client base, principally in the UK, and is poised for international expansion."

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