First investment by IO Fund
First investment by IO Fund: Compudigm International Limited
The IO Fund has made its first investment, in New Zealand technology company, Compudigm International Limited. The IO Fund is a co-investment arrangement between listed company Infratil Limited, Orion New Zealand and the government’s New Zealand Venture Investment Fund.
The IO Fund’s $4.4 million investment in Compudigm, a company which specialises in data visualisation software marketed in the US and Europe, will enable it to expand and strengthen its sales and marketing infrastructure and support.
IO Fund manager Ian McInnes says the IO Fund was impressed with both Compudigm’s key product, seePOWER™, which has clear market leadership, and the company’s management.
“Compudigm has successfully achieved sales in a number of industries. We anticipate substantial growth in coming years through the adoption of seePOWER™ in new markets. Compudigm is an early expansion stage business and our investment returns are contingent on the business achieving agreed milestones over time.”
Andrew Cardno, CEO of Compudigm said “A key objective of Compudigm is to develop technology in New Zealand, with New Zealand companies and then commercialise this intellectual property internationally.
“The investment by the IO Fund, and existing shareholders, is a reflection of Compudigm’s potential and commitment to continuing to deliver world class business solutions.”
“We are excited to grow through New Zealand investment as we continue to challenge the global market place.”
Compudigm’s data visualisation software shows organisations the interactions between customers, products and their operational business. This enables an organisation’s management to increase its bottom-line by enhancing the overall customer experience, optimising the product mix and improving business operations.
SeePOWER™ was judged by the Data Warehousing Institute as the world’s leading data visualisation solution. It uses the power of the human eye and brain to identify issues and opportunities by presenting complex business data as contoured colour images and animations over time.
The IO Fund has $60 million to invest in early stage and seed venture capital over the next three to five years. Infratil and Orion will each contribute $20 million – with the Government contributing an additional $20 million through its Venture Investment Fund. The IO Fund will mainly focus on technology investments which have global potential.