Deal Round-up 09/01/02

Belgian software house takes E4.5m funding; Swiss drug development company secures E15.1m; Instrumental receives E400,000 from White Rose Fund

Belgian software house takes E4.5m funding

Financial Architects, a Belgium-based company developing financial reporting software, has secured E4.5m third round funding from its existing investors FLV Fund, NIB Capital and Artesia Banking Corporation.

FLV Fund, the Belgian venture capital firm injected more than 25 per cent of the total funding raised by the company.

Swiss drug development company secures E15.1m

Speedel Group, a Swiss company developing cardiovascular and metabolic drugs, has taken E15.1m third round funding from an undisclosed private investor. The company is now values at around E102m. The money raised will be used to recruit additional staff, and to develop further the company’s portfolio of drugs.

Speedel secured E2.7m seed funding from the Novartis Fund in December 1998, and closed a convertible issue of E10.9m as a first round in 2000. The company closed a second round of E11m from business angels in February 2001.

Instrumental receives E400,000 from White Rose Fund

Intrumental, a start-up company developing a piston telemetry system, has taken E400,000 from the White Rose Technology Seedcorn Fund. The funds will be used to establish Instrumentel as a company and recruit more staff. The company’s chip research is of interest to Formula 1 racing and the mass automotive market.

The White Rose Technology Seedcorn Fund is an early-stage fund managed by Aberdeen Murray Johnstone Private Equity on behalf of Leeds, Sheffield and York universities.