Finance Wales has joined forces with Notion Capital to support the growth aspirations of Vizolution.
Technology company Vizolution has netted £750,000 of investment capital, including a £500,000 commitment from Finance Wales.
Vizolution, which has created a product aimed at screen sharing technology, will use the funds to launch the business into the UK financial services market.
Also contributing to the deal is Notion Capital, a venture capital firm with an emphasis on businesses in the cloud computing and software-as-a-service (SaaS) markets, which is adding £100,000.
Additional funding has also come from Peter Birch, ex-CEO of Abbey National and a Harvard Business School angel investor. Port Talbot-headquartered Vizolution, which has also seen its management team join the round, says it is entirely debt free now.
Its vScreen product, which launches this week, is a screen sharing technology. According to a statement, it has been proven to increase sales by over 20 per cent. vScreen works by allowing call centre staff and advisors to remotely demonstrate mortgages, insurance or other protection products on the client’s computer.
Bill Safran, CEO of Vizolution and former CEO of Trigold, comments, ‘This support from Finance Wales and Notion Capital is a mark of confidence that reflects the success of our pilots and the very real benefits that we add to our financial services customers.
‘This funding enables us to launch into the financial services market and develop more products and features. Initially these are aimed at large banks and insurance companies, but our future development will enable us to make vScreen available to intermediaries and advisors.’
The deal for Finance Wales is its second in a week following its £250,000 backing of software company KWR Technologies. As its third investment in the company, the cash will now allow KWR’s subsidiary, Accelero, to complete the development and launch of its EnGenero software development tool.
More on recent Finance Wales deals:
- Investment backing for SCS Group
- Jamie Oliver fish supplier reels in equity investment from Finance Wales
- New team and funding for Viscose
Melanie Goward, deputy fund manager in Finance Wales’ technology venture investments team, says that it is very positive to see a company based in Wales develop such a ‘market-leading and innovative’ system.
‘The team behind Vizolution have put a lot of work into researching and developing their product and already have some very large and reputable companies piloting their software.
‘It made perfect sense for us to invest and help Vizolution to grow as it showcases the cutting edge, game-changing technologies that are being developed in Wales.
Vizolution now joins the likes of contact centure services firm NewVoiceMedia, currency conversion and payments business The Currency Cloud and retail courier company Shutl as portfolio companies of Notion Capital.