Investors award Ciqual another £1.25m of funds after it hits order targets

Published on Saturday 19 September 2009 13:46

SCOTTISH Enterprise and business angel Par Syndicate have awarded a second instalment of funding to Edinburgh-based telecom Ciqual.

Ciqual has received a further 1.25 million after hitting targets for orders set by investors six months ago on an initial investment of the same amount.

Ciqual's Session Insight technology collects and also analyses data on mobile broadband services and feeds this back to operators for them to improve customer service.

It said clients could use this intelligence to strengthen customer retention and their sales forces could demonstrate benefits to potential customers.

The firm has received most of its orders from overseas, including Canada and New Zealand, and aims to remain focused on global markets. It has also been rewarded a regional selective assistance grant to grow 20 jobs in the capital, where it has 15 employees. David Bonner, vice-president of marketing at Ciqual, said: "Our global reach has been achieved by quickly building a network of trusted sales channel partners who have successfully sold for us. Through these channel partners we can reach most mobile operators in the major economies of North America, Asia-Pacific and Western Europe."

He added that the company is investigating partners for Latin America and Southern Africa.

Ciqual will use its second round of funding to build its workforce and target new markets. In March, Ciqual was Par Syndicate's first investment in Scotland. Par Syndicate is the angel investment arm of Par Equity, based in Edinburgh, which was launched in May last year. It provides early stage finance for high-growth, revenue generating companies, primarily in the technology, environmental and alternative energy sectors.

Paul Atkinson, partner at Par Equity, admitted the investors had set relatively tough milestones for Ciqual's order book to reach. He said: "We like the quality of their management team and the opportunities the firm has in global markets. They've developed software that addresses real business issues."

Atkinson said Par Syndicate would consider further investment in Ciqual if it is required and if it continues to grow as it has done to date.

Ciqual was founded by former senior employees at technology firm Agilent Technologies, which has been reducing its workforce at its South Queensferry centre in recent years. Founders Bonner, chief executive Tom Walls and vice-president of operations John McElroy, all worked at Agilent.

It recently appointed John McCormack as chairman. He is an entrepreneur specialising in mobility and is a director and joint founder of Fruit Mobile, which is in the mobility and wireless market.