Enigmatec secures £2 million first round funding

Enigmatec secures £2 million first round funding

Web Services start-up Enigmatec has closed £2 million in first round private equity funding, led by Pentech Ventures and including existing investor Amadeus Mobile Seed Fund.

Under the funding, Pentech advisory group member Derek Gray, former VP of worldwide sales and marketing at Adobe, and Indra Mohan, a founder of Tibco Software, will join Enigmatec's board of directors.

Founded in April 2001 by former Instinet alumni Duncan Johnston-Watt and Michael Paull, Enigmatec has developed core software for utility model computing, with an initial focus on financial sector sales. The firm's Reactive Intelligence Framework (RIF) is billed as "an enabling layer that allows an enterprise to control its applications and processes and optimally harness the power of its network computing resources."

Laurence John, CEO of Amadeus Mobile Seed Fund - which injected £1 million into the company last spring - says: "Since our seed investment in May 2002, Enigmatec has established operations in the City, recruited its development team, formulated its architectural software offering and attracted interest from a number of City institutions."

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