Warwick-based computing specialist Allinea Software has raised £400,000 after being spun out from its parent company.

Warwick-based computing specialist Allinea Software has raised £400,000 after being spun out from its parent company.

The investment round was led by the Mercia Technology Seed Fund and the Advantage Growth Fund, both public-private partnerships focused on the West Midlands. Allinea’s management, led by CEO Michael Rudgyard, also contributed.

Both the Mercia Technology Seed Fund and Midven, the manager of the Advantage Growth Fund, had invested in Allinea’s parent company Concurrent Thinking.

Allinea is a specialist in “parallel computing”, whereby complex computational problems are broken down into smaller tasks that can be dealt with simultaneously. Its software is designed to ensure applications can be run successfully on parallel computing systems.

Mercia Technology has funds of £12.8 million, while the Advantage Growth Fund manages £17.5 million.