Gimv et al. invest €1.5m in CoScale

The firms each invested €500,000 in the round.

Gimv backed the company via its Gimv Arkiv Tech Fund II, which launched in 2011 in partnership with Flemish government investment programme Arkimedes. The fund holds €25m in capital, with €13m provided by Gimv and the balance by Arkimedes.

Qbic invested through its Qbic Arkiv Fund, which held its first close on €30m in May 2012. State-backed Sofi supplied capital via Sofi II Fund, which provides funding to spinouts from universities.

The fresh capital will be used by CoScale to finance the first steps of commercialisation for its software. The company will also invest further in its R&D, as well as fund new product features.

Company
Founded in 2013 as a spinout from Ghent University, CoScale provides analytics software for IT operations. The product is designed to provide insight for businesses and organisations into web application performance.

CoScale's software does so by identifying and isolating disruptions, inefficiencies or failures in web applications. Customers can then quickly fix the infrastructure problem, which CoScale says can lower costs and shorten response times. This in turn maximises returns on web applications by increasing user satisfaction, according to the company.

CoScale's software operates by harnessing and correlating data from web applications. It says its technology is particularly suited to companies operating within e-commerce, online banking and online customer service.

The company employs six staff.

People
Stijn Hanssens is the CEO of CoScale. He founded the company alongside master researcher Frederick Ryckbosch. Muriel Uytterhaegen is a principal at Gimv, while Guy Huylebroeck is an investment partner at Qbic.

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