Finance Wales will invest a total of £300,000 equity in the business, with the Welsh Assembly Government providing an additional £310,000 grant through its Single Investment Fund.
Alan Blyther, managing director of Altech Software, says: ‘We wanted to source additional funding to develop and grow the business and the commercial investment from Finance Wales and grant from the Welsh Assembly Government was pivotal.’
Ieuan Wyn Jones, minister for the economy and transport, says technology driven companies like Altech are the type of business it wants to ‘encourage and nurture in Wales’.
The company’s “Vision for Food” software is designed to assist food producers in safety management. Altech has an office in Hong Kong which Finance Wales expects will give it access to the ‘fast-growing Chinese market’.