Tech City start-up, cloudIQ, has received £250,000 from the Technology Strategy Board (TSB) after winning an SME innovation competition.
The one-year-old firm, which provides cloud based marketing applications, secured the money through the TSB’s Smart Programme for its idea of creating a web-based tool that allows non-technical people to build, publish and monetise web apps that can integrate email, voice, web, social and mobile technologies into innovative services.
The funding will be used for research and development of the tool, known as AppEditor.
James Critchley, CEO and co-founder of cloud.IQ said: “In just 12 months, we have launched a suite of apps for SMEs which have already delivered significant results in helping businesses convert more customers.
“The investment from the Technology Strategy Board provides us with a platform to bring to market a new solution which we believe will have an ever wider reach and impact on the businesses community.”
The government innovation agency launched the award with the aim of finding an innovative idea that that offers significant potential to help stimulate economic growth in the UK.
James Heydari, TSB programme manager, said: “Smart awards support SMEs with high growth ambition and potential. Successful applicants need to show that they have a really innovative idea, addressing a real market need and have the ability to deliver their idea to drive economic growth.”
In 2012, the start-up, which also has offices in Sydney, received £2m in funding from Bridges Ventures.
Over the past 12 months, cloud.IQ has launched a suite of conversion focused apps including callMe, cartRecovery and SmartSMS. The start-up says that its integrated applications help companies of all sizes acquire more customers and build brand loyalty.