Pentech Ventures, Penta Capital’s early stage technology fund that was launched this summer, has completed its first investment in software solutions company, Applied Generics. Pentech is the only institutional investor, committing GBP650,00 to the company’s first round of GBP800,000 funding. Existing shareholders have provided the remaining funding.
The capital is being used to accelerate product development and to increase the company’s sales and marketing capability.
Founded in November 1999 with private funding, Applied Generics has developed a software solution, RoDIN24, which enables mobile network operators to obtain real time road traffic information by monitoring the movement of mobile telephones within their own network. This information can then be delivered to its customers and third parties in a variety of formats including interactive voice, WAP and the Internet.
“I am delighted that Pentech’s first investment is in such a high quality business with an exceptionally talented management team,” said David Armour of Pentech Ventures, who led the deal. “We believe there is a growing market opportunity for Applied Generics technology as network operators seek to improve their ability to provide accurate real time traffic information to its customers and we look forward to working with the management team to grow the business.”
Pentech Ventures is currently raising its first fund and has around GBP12 million commitments to date. Investments range from GBP250,000 to GBP1 million in early stage technology companies.