Investee Company – Lazy Software
Investee Company Business Type – British software company pioneering a new form of database architecture.
Type of Financing – Expansion
Equity Providers – Advent Venture Partners, Commerzbank, Metropolitan Venture Partners
Equity Amount – £6 million
Total Deal Value – £6 million
Comments – Lazy Software, a software company that was launched last year has announced the completion of its £6 million first round of venture funding.
Commerzbank and Metropolitan Venture Partners, have completed the round of funding, committing £2 million and £0.5 million respectively. Advent Venture Partners invested £3.5 million in December last year.
The funding will be used to expand the marketing of the company’s database product, Sentences. Sentences was launched in October 2000 and is well on its way to achieving success both in the UK and the US, with over 35 implementations completed or underway.
Sentences is aimed at overcoming the limitations of the Relational Model of data which has dominated computer data storage for 20 years. It structures information in an intuitive manner with relationships between items of data being defined in everyday, easy-to-use terms.
Lazy Software was founded by second-time entrepreneurs Simon Williams, Simon Haigh and Melinda Horton. Following the success of the launch, the company has also recently established a US subsidiary with offices in Chicago and Dallas.
James Powell-Tuck of Commerzbank will join Lazy Software’s board as a non-executive director.
Simon Williams, chief executive of the company, said: “The funding will suppoort the development of our sales channel and of ongoing R&D of both Sentences and our portfolio of associative database applications. It will also help fund our entry to the US market, where we see a huge opportunity for our technology.”