Computer Lab spin-out raises £3.6m
Acunu – a data storage specialist exploiting Cambridge University IP – has raised £3.6 million new funding, including £1.25m from Imperial Innovations which now also has a base in the Cambridge UK technology cluster.
The company was founded in 2009 by Tim Moreton, chief product officer and Tom Wilkie, VP of engineering, based on a set of algorithms and open source code initially developed at Andy Hopper’s Cambridge University Computer Lab.
To date, including this investment round, Acunu has raised £6.6m.
Acunu has developed a database infrastructure and analytics software package targeting the fast growing Big Data market. Big Data is the term for large volumes of data, including internet and social media generated data which can be difficult to store, extract and analyse information from.
Acunu forms fast databases on cheap commodity hardware, enabling customers to store Big Data and to access it in real-time, significantly cheaper and more effectively than competitors. Customers can also search these databases for useful information and analyse it instantly. This is an active, early-stage market that many analysts expect to grow rapidly over the next two to five years. Acunu has gained some early customer traction in the telecoms and manufacturing sectors.
Acunu will use the funds raised to further develop its product market positioning and build its sales team.
The company recently hired a new CEO and President, Chris Gomersall, formerly Vice-President EMEA at ServiceNow and Polyserve, and previously CEO of Ipsoteck, to lead the next phase of growth of the business.
Following the investment, Jon Edington, Director of Technology Ventures at Imperial Innovations, will join the board as non-executive director.