Midven completes follow-on investment in concurrent thinking

Author

UK Business Angels Association

03 April 2014

Data centre software specialist Concurrent Thinking has secured £800,000 funding to help the company optimise data centre efficiencies.

Concurrent Thinking has developed high-performance products which drive significant reductions in energy usage and carbon emissions in datacentres.

Concurrent Thinking also helps such centres rationalise their day-to-day operations. In particular, the cost effectiveness of data centres can be maximised with the Data Centre Infrastructure Management (DCIM) solution developed by the company. The DCIM solution monitors all aspects of the data centre, including mechanical, electrical and cooling systems, environmental conditions, power, server health, asset management and even operating systems and application performance.

Midven formed part of an £800,000 funding round with a number of other investors, which included The ERA Foundation, The Carbon Trust, Forward Group and a number of angel investors. Investment has also come from Birmingham City Council via Finance Birmingham.

Incoming chief executive Terry Hale said the funding gave the company a route to building its team and sales strategy, which are next key steps in the firm’s growth.

Mr Hale said the investment helped position the company to meet requirements of the next-generation data centre, as well as helping create new jobs, increase marketing activity and undertake future development work. He said: “Against a background of rapidly increasing costs for power and staff, and an increasingly competitive marketplace together with the uptake of cloud computing, the trend is clear – data centres will need to become significantly larger, be more cost effective and better managed.”

Hale continued, “Concurrent COMMAND is a suite of intuitive software tools designed to reduce overheads in power and cooling, improve IT utilisation, and ensure best practice operations. The application allows customers to measure their return on investment from the application in a matter of months.”

Duncan Kerr, Investment Director at Midven, commented “Concurrent Thinking is well placed to evolve from development to commercialisation, having recently recruited a CEO with a track record of delivering sales growth.”

About Concurrent Thinking Limited

Concurrent Thinking was founded in 2010 by Michael Rudgyard. The company’s products can help data centres drive significant reductions in energy usage and carbon emissions.

With increases in cloud capacity, data centres will necessarily become larger and will therefore need to become more cost effective and closely managed if they are to survive. Concurrent Thinking has developed its COMMAND Data Centre Infrastructure Management (DCIM) product to help companies streamline their day-to-day operations and plan for future change.

The company’s executive team includes David Morriss, executive chairman; Terry Hale, CEO; Michael Rudgyard, founder; and Martin Hall, CFO. For more information, please visit www.concurrent-thinking.com/.

About Midven

Midven is the leading Midlands-based provider of venture capital funding to early-stage and established businesses. The Birmingham-based venture capital firm currently manages five funds representing a total of £74m under management. Midven’s £8m Early Advantage fundprovides investment for small, high growth businesses at start-up and early-stage in the West Midlands.

Midven was established in 1990 and has grown significantly since the existing management team took ownership of the business in 2007. The Midven team has established a reputation for delivering solid commercial experience and creative business solutions to help their portfolio companies achieve exceptional outcomes. For more information, please visit www.midven.co.uk or follow @Midven on Twitter.

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