SeeWhy Software closes £1.1m first round
Dateline: 9 March 2004
SeeWhy Software Ltd, a leading developer of Operational Business Intelligence software, has secured £1.1m in a first round funding deal led by specialist early-stage software investors Delta Partners and Pentech Ventures, several industry-experienced angel investors, and supported by a grant from the UK Department for Trade and Industry (DTI). The grant and co-investment will support the development and early commercialisation of the company’s innovative software analysis products.
Operational Business Intelligence refers to automated monitoring of business operations affecting an organisation’s performance, and is used by managers to drive revenues, reduce risk and cut expenses. The SeeWhy system is a highly scalable software framework that enables a business to gain operational intelligence from its IT systems in real-time, allowing managers - or other electronic systems - to optimise operations or take remedial actions where necessary. Executives gain instant insight into their business performance in a format that is actionable, helping them make rapid and informed decisions to improve results.
Commenting on the deal, Charles Nicholls, Founder and CEO of SeeWhy Software said; “I am delighted that we have secured the required funding to develop our business, and in particular to have been able to blend DTI grant with Venture capital and business angel investment. To have attracted investment from early-stage institutional investors of the quality of Pentech and Delta is a further strong endorsement of our technology, people and approach to business.”
The total Business Activity Monitoring market is forecast - by business analysts Gartner - to be $1.6 billion in 2005, and that proportion relevant to SeeWhy will grow to around $1 billion in the same period. The need for real-time Business Intelligence was recently demonstrated by research company BuzzBack in their market study of 158 senior executives at major companies. The survey found that 73% of executives felt they were making more daily decisions than a year ago, and 53% had less time to make those decisions; some 49% of respondents felt that business opportunities were being missed as a consequence.
Dermot Berkery of Dublin based Delta Partners added; “Business Analytics is a large and established market, but we have not seen a technology better equipped than this to take the market to a higher level. To date, companies have only been able to get intelligent data on its business in hindsight. In many important sectors, real-time business insight is key. SeeWhy’s ability to analyse complex business data in real-time, will transform the way in which critical business processes, are managed and controlled.
Pentech director David Armour said; “SeeWhy met our principal investment criteria of having strategically important Intellectual Property aimed at a very large market opportunity. We were also attracted by the quality of the management team who, individually and collectively, are as good as any we have seen in a company of this size and stage. They have done a great job in building a first class product, have the ability to articulate clearly a very complex product and differentiate it in the market. We feel confident they will execute on their business plan.”