13 March 2013
Venture capital experts Midven are among a number of investors providing a cash boost to a specialist software firm.
Activ8 Intelligence supplies business intelligence tools which help firms increase the performance of staff and deliver cost savings.
The firm – founded in 2005 – offers HR reporting and analytic solutions, helping organisations recruit the best people, drive down attrition and absence at work and improve the returns from investment in training.
Midven’s Early Advantage fund, together with Catapult Venture Managers and a number of private investors, have raised a total of £350,000 in a latest round of funding.
The investment will help the business build on its recent sales successes and provide it with additional working capital to enable it to continue to grow.
The software developed by Activ8 is aimed at HR teams, and managing director Matthew Lymbery said: “ We have been delighted by the support offered by Midven. Midven’s influence has extended well beyond its own investment, galvanising support from a long list of existing shareholders. We look forward to working closely with Midven as the business moves forward to a successful exit.”
Amongst the firm’s technology is the AI engine, which accurately predicts good and bad hires, rates of attrition, absence and performance as well as other areas of insight which could provide invaluable business intelligence.
Midven investment manager Giovanni Finocchio said: “The company has continued to make huge strides recently, both from a sales perspective but also on the technical side of things. This additional money will help them to continue to pursue their current strategy and build a company of significant value for all its stakeholders.”