Advent Venture Partners is providing £3.5m for Lazy software. Lazy is aiming to raise a £6m round of financing for it to expand the marketing of its new database product, Sentences. The company also intends to launch a US field operation in the first half of 2001.
The company says that using Sentences, there is no need to write new programs for every new application, or store identical information about each customer, product or order. Sentences structures information in an intuitive manner with relationships between items of data being defined in everyday, easy-to-use terms.
Dave Cheesman of Advent Venture Partners said: “We are supporting a highly experienced and entrepreneurial management team who have previously worked together to build up a significant software company. We are pleased to be backing them in their second venture. Sentences is a significant breakthrough and, given the developments with the Internet and e-commerce, it has huge market potential.”
This is the second time that Simon Williams, the founder of Lazy Software, and his management team have started a new business together. They launched a company, Synon, in 1984 which was valued at £50 million when two US venture capital funds acquired an equity stake in the firm for £15m in 1990.
Simon Williams said: “The internet is redefining many fundamental computing concepts and we need newer and easier ways to store and retrieve information. Sentences is a major step forward saving both on time and money.”
Williams along with Simon Haigh and Melinda Horton set up lazy Software in 1998. It now employs 17 people and is based near High Wycombe, Buckinghamshire, UK. Its founders, who have invested £1.5m, have funded the company to date.