Deal round up 02/09/02

Digital Networks backs UK software business; £4m to UK technology business

Digital Networks backs UK software business

Digital Networks, the pan-European venture capital group, has led the E8m third round of funding in Empower Interactive Group, a provider software solutions to the mobile operators. Co-investors in the round include IDG Ventures Europe and existing investors Telesystem Argo Global Capital LLC and Newtonmore Capital Ltd.

Empower Interactive provides messaging infrastructure software that is specifically designed for application driven messaging. Empower’s customers include operators Orange, BT, Wind and TIM, as well as messaging specialists mBlox and Locom.  The investment will support the company’s expansion in Europe, Asia and the US, and will also fund increased marketing and product development.

£4m to UK technology business

UK technology company AssetHouse has secured £4m in second round funding from its first round backers. The investment, led by LMS Capital, the venture capital arm of London Merchant Securities, brings the total amount of venture funding raised to £10m since the company’s launch in August 2000. UK-listed venture capital trust Quester also participated in the second round of financing.

Despite being in the middle of what AssetHouse CEO Jonathan Callcut describes as the ‘most challenging market conditions for 20 years’, the company expects to see steady growth over the course of the current financial year. AssetHouse is currently involved in projects and bids with some of the largest telecommunications companies in Europe. The company's management team includes senior players from BT, Informix, Inktomi, Sun and Oracle.