A Scottish technology firm which provides companies with training management software has raised more than £3 million of investment.
Edinburgh-based Administrate, which helps clients streamline their training operations, declared the funding will allow it to “continue to invest in and scale our offering”.
It coincides with the launch of the company’s new artificial intelligence powered scheduler which is designed to help enterprise customers to plan, schedule, and optimise complex training activities at scale. This allows for a greater level of automation in the training process, reducing client time and cost.
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The new funding will enable Administrate to expand its market reach by deploying the new technology to its diverse group of international customers, which includes Siemens, Royal Caribbean and Maersk.
The new investment, which totals £3.05m, made in Administrate includes £1m from the Investment Fund for Scotland, equity finance managed by Maven Capital Partners and delivered by the British Business Bank. Further backing came from existing investors Mercia and Archangels.
John Peebles, chief executive of Administrate, said: “It’s an exciting time for Administrate and our customers – we’ve been thrilled with the positive impact we’re seeing with the scheduler and other platform improvements, and this investment will allow us to continue to invest in and scale our offering.”
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The Administrate deal is the fourth investment made by IFS Maven Equity Finance, with the fund having also backed 3D printed micro-tumour specialist Carcinotech, medical technology company Calcivis, and University of Glasgow spin-out Nami Surgical. The £150m IFS covers the whole of Scotland and provides loans from £25,000 to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
Rob Stevenson, investment manager at Maven, said: “Administrates’ platform automates the challenges faced by large scale organisations and allows clients to deliver a leaner and more cost effective training solution. We’re delighted to support John and the team at an exciting stage in the company’s journey and look forward to working with them to drive the business forward.”
Added Mark Sterritt, director of nations and regions funds at the British Business Bank, said: “The software developed by Administrate is already being used successfully by several multi-national organisations and this funding boost will enable the business to take that one step further with inbuilt AI. Technology is one of Scotland’s fastest growing sectors, but ensuring entrepreneurs have access to funding opportunities through the likes of the Investment Fund for Scotland is essential to ensure that momentum continues.”
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