LMS Capital believe that CopperEye technology addresses one of the most fundamental challenges faced by today’s software vendors and enterprises
17 September 2003 -- Bath, UK -- CopperEye today announced that it has secured third round equity funding of £2 million (GBP) from one of its existing investors, LMS Capital. CopperEye will use the funds for ongoing development of its business and to support its entry into the US marketplace. Previous rounds of funding have been used to develop and demonstrate the value of the company’s revolutionary data indexing technology. Called Adaptive Addressing, CopperEye’s technology delivers a dramatic increase in performance in data intensive solutions of up to 100* times.
As a result of this investment, CopperEye has a new Chairman; Richard Joyce joins CopperEye’s Board of Directors with immediate effect. Joyce brings a wealth of experience; he has had a long career at 3com where he held a number of positions culminating in Senior Vice President Worldwide Sales. Joyce is also non-executive Chairman of Wireless Information Network Ltd.
Joyce said: “I am delighted to have joined CopperEye at this time. CopperEye is an exciting company that is poised on the edge of real success. With its innovative technology and plans to grow rapidly through entry into the US market, it’s certainly a company to watch”
Nick Habgood, who led the investment on behalf of LMS Capital, and is a current member of CopperEye’s Board of Directors, said: "We are delighted to further our investment and involvement with CopperEye. The Adaptive Addressing technology has been shown to deliver such fundamental and quantifiable benefits in a range of data management applications at a time when the amounts of information that enterprises have to deal with is growing exponentially.” He added: “Already we’re seeing leading companies – Orange being one of the most recent - turning to CopperEye’s innovative new indexing technology to greatly increase the performance of their data management applications. Also, among the benefits these companies are citing are vastly improved operational performance, speed of response to the marketplace and enhanced customer service.”
“CopperEye is one of the very few early-stage companies in the UK IT marketplace that is still able to attract new rounds of funding, “ said Paul McCafferty, founder and Chief Operating Officer of CopperEye. “This additional investment is a testament to our current success, our people, products and vision of the future.”
McCafferty continued: “It is imperative that we continue to grow in line with our business plan. To achieve this, we intend to build a heavyweight presence in the US - to strategically position us to grow revenues and market awareness rapidly. Being in one of the main software development centres in the world is very important to our future. With this strategy, we fully anticipate further rapid growth and profitability.” He concluded.
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About LMS Capital
LMS Capital is the venture capital division of London Merchant Securities plc (LMS) a public FTSE 250 company listed on the London Stock Exchange.
CopperEye Ltd is an international developer and supplier of revolutionary technology that significantly accelerates operations within new and existing data management systems. The company has invented and patented a totally new type of data indexing technology called Adaptive Addressing. It offers an innovative technical solution that has a substantial positive impact on business competitiveness and operational database performance.
Custom Indexing is the Adaptive Addressing product for Java, C and C++. The product is a full set of APIs that enable application developers to easily create new custom solutions. These resultant applications can achieve increases in performance of up to 100* times. By dramatically improving database performance, the solutions provide increased availability of information, unprecedented speed and business efficiency, as well as significant cost benefits.
CopperEye is headquartered in Bath, UK. For further information visit: www.coppereye.com
*in test environments within CopperEye.
Copyright (c) 2003 CopperEye Ltd. CopperEye and Adaptive Addressing are registered trademarks of CopperEye Ltd. All other brand and product names are trademarks of their respective owners.
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