It's been a good week for London's early-stage tech startups. Two firms, Weaveworks and idio, raised $5 million (£3.2 million) and $6.2 million (£3.95 million) respectively within days of each other, signalling that investors are continuing to see potential in the capital’s young software companies.
Weaveworks, which creates a virtual network that connects Docker containers, raised its money in a Series A funding round led by venture capital firm Accel Partners, while content marketing firm ideo raised its Series A funding in a round led by venture capital firm Notion Capital.
The company, which enables customers to build and migrate applications to run on any container technology, said it will use its initial round of funding to expand the product development team and build out a new US organisation to complement its existing UK operation (formerly Zettio).
In other words, container technology allows multiple applications to be run simultaneously on the same server.
“Early adopters are already reporting ‘10x’ wins and cost savings from containerisation,” said Alexis Richardson, CEO of Weaveworks.
He added: "Weave aims to bring those gains to everyone, by focusing on ease of use."
Kevin Comolli, Partner at Accel Partners, who will join the board, explained: "Containerisation is changing the rules of application development very fast, and in Weaveworks we see a team that can really deliver innovation at the speed required to win in this market."
Meanwhile, Idio raised money for its Content Intelligence platform, which identifies patterns in each person's content consumption to understand their interests. It uses this intelligence to provide strategic customer insight, target real-time personalised content, predict future conversion and customer value, and provide insight to the sales team.
Ed Barrow, CEO of idio, said: “Our founding vision was to ‘power the perfect conversation’, and we have a differentiated and proven approach to delivering new strategic insight and executing more intelligent communications. We see a massive, untapped opportunity around unstructured data; if turned into actionable intelligence it has the ability to transform the customer relationship, and drive real ROI from content marketing. We are delighted to have the continued backing of Notion Capital, as well as our new investors.”
“We are big believers in idio, as they bring automated intelligence to marketing and sales – functions that are experiencing massive disruption as buying habits have fundamentally changed,” said Jos White, Partner at Notion Capital. “idio sits right in the middle of the content marketing and big data trends with a predictive platform that can scale.”
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