Reading-based DiffusionData, a company that offers real-time data streaming and messaging solutions, announced on Monday that it has raised £1M (approximately €1.12M) in a fresh round of funding.
The investment came from the North East Development Capital Fund (NEDCF) supported by the European Regional Development Fund and managed by Maven Capital Partners.
Maven initially backed DiffusionData in 2020, when the company operated as Push Technology. Maven VCTs led a £10M growth funding round, followed by another co-led investment in a £2.55M round in May 2022.
Maven Capital Partners UK LLP is an independent private equity house focused on backing UK SMEs. It has already invested over £500M in the UK since 2009. With 11 offices throughout the UK, Maven has made over 90 investments and has £660M in AUM.
An intelligent data platform
Founded in 2006 and led by CEO Grethe Brown, DiffusionData is a platform that offers real-time data streaming and messaging solutions to reduce network bandwidth and allow customers to expand their businesses.
The company’s Diffusion Intelligent Data platform takes unprocessed data of any size, type, or velocity, enriches it in-flight, and then distributes it consistently at scale with safe, fine-grained role-based access control in real-time.
According to the company, Diffusion’s purpose was to make data-driven, real-time applications faster and easier, cut down on operational cost, and economically deliver hyper-personalised data at Internet scale.
Businesses use the Diffusion Intelligent Data Platform to increase client interaction, support revenue development, and simplify business processes across a variety of sectors, including financial services, transit, energy, retail, healthcare, eGaming, and Internet of Things firms.
Diffusion is available on-premise, in-the-cloud, or in hybrid configurations.
Capital utilisation
DiffusionData claims that the funds will help in new product development and quality focus, maintain and expand customer engagement and satisfaction with the brand, and expand its suite of innovations.
Grethe Brown says, “This investment from NEDCF and expansion into the North East region comes at a very exciting time for DiffusionData. Our key customers are expanding their use of the DiffusionData platform, new customers are rapidly coming on-board and we are getting noticed.”
“This added confidence in DiffusionData will assist us in establishing an extended quality and performance team based in the North East; another significant step in supporting our footprint growth.”
Following initial investment from Maven in 2020, the UK-based company has opened a new engineering hub in Newcastle creating 10 jobs in the region.
The European Regional Development Fund
Founded in 2018, the North East Fund is a group of five VC and loan funds that aim to invest £120M in nearly 600 North East companies by the end of March 2023. It offers funding and growth to SMEs located in Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead, Sunderland, and County Durham.
In order to generate over 2,500 new employment, the initiative promotes investment in and commercialisation of new technologies, including low-carbon technologies.
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank (EIB) and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.
As part of the European Structural and Investment Funds Growth Plan 2014-2020, the North East Fund will receive money from the England European Regional Development Fund of up to £58.5M. The managing authority for the European Regional Development Fund is the Minister for Housing, Communities, and Local Government.
The North East Fund initiative will also receive a loan from the EIB of up to £60M.
