The eight-year-old company will use the funding to expand beyond its current success with meetings and events
Audience insight company Lumi Technologies has secured a new £2 million funding package with Clydesdale Bank to finance further expansion.
The Hampshire-based firm, whose apps are used for events, meetings and market research, has grown to 160 staff since it was established in 2008.
It also has offices in the United States, Australia, Netherlands, Belgium, France, Germany, Finland, Hong Kong, Singapore, and South Africa.
Lumi was one of the first wave of technology companies to be selected for the Future Fifty, a government-backed fast-track programme to support UK high-growth businesses.
Meetings and events currently form Lumi’s largest market. Support for shareholder meetings includes the ability to track registration and attendance, enable simple and secure voting, and view results quickly across global businesses in multiple locations.
Lumi’s customers include eBay, Deutsche Bank, BNP, PwC, KPMG, Vodafone and BHP Billiton, and it also recently announced the expansion of its Meetoo application into the education sector.
Recognising the widespread classroom use of personal digital technology such as smartphones and iPads, Meetoo enables teachers and lecturers to create a more dynamic classroom experience that encourages student interaction.
The application is integrated into the PowerPoint menu, meaning the person running a meeting can readily incorporate PowerPoint features like design templates, formatting and animations into the real-time interactivity provided.
“Our technology enables us to provide our clients with real-time insight via downloadable apps which offer genuine interactivity and inclusion,” said Richard Taylor, CEO at Lumi. “Our client portfolio already gives us huge global reach and we believe there is real potential for further growth particularly in areas such as education.”
Lumi’s chairman Mark Beilby added: “The team at Clydesdale Bank have demonstrated a real understanding of what we do and are sympathetic to our ambitions for the business. We view them, quite simply, as our growth finance funding partner.”
The initial £2 million funding package from Clydesdale Bank will be used to support additional working capital requirements as the company focuses on its plans for expansion.
The deal was facilitated by Sandra Hope and Usman Ali from Clydesdale Bank’s Growth Finance team.
“Lumi has already earned itself an excellent reputation for products which meet the needs of some of the world’s biggest multi-national companies,” said Hope. “Their recent move into the education sector has further reinforced the potential which their unique technology offers.
“We have created a flexible funding package designed to support the Lumi team as they embark on this latest phase of expansion.”