Armilar Venture, K Fund lead €1.8m round for Appentra

Alessia Argentieri
01 May 2020

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Venture capital houses Armilar Venture Partners and K Fund have led a €1.8m round for Spanish parallel coding specialist Appentra.

Previous backers Caixa Capital Risc (the venture capital arm of CriteriaCaixa), Xesgalicia and Unirisco also took part in the investment.

Armilar is a Portuguese VC that targets ICT, healthcare technology and cleantech, with a focus on seed to early-stage rounds. Currently, Armilar has €260m in assets under management across five funds invested in Europe and the US.

Armilar invested in Appentra via its AVP V TechTransfer Fund, which held a first close on €45m in February 2019. The fund provides equity tickets of €400,000-2m. It is backed by the European Investment Fund's InnovFin Equity and co-financed by Fundo de Capital e Quase Capital (FC&QC).

K Fund manages a €50m venture vehicle dedicated to early-stage technology companies based in Spain, with a particular focus on software-as-a-service, e-commerce, financial technology, marketing, logistics, big data and security startups. The fund invests equity ticket of €100,000-2m.

Previous funding
Appentra raised a seed round of €400,000 from Caixa Capital Risc, Xesgalicia and Unirisco in October 2017.

Company
Established in 2012 as a spinout from University of A Coruña, Appentra develops software that uses high-performance computing techniques for the engineering, science and industrial sectors.

The company's flagship product is Parallelware Analyzer, a static code analysis tool aimed at enabling developers to overcome the complexity of parallel programming. The software helps enforce parallel programming best-practice recommendations and enables developers to use parallel computing hardware from the multi-cores in a simple laptop to the fastest supercomputers.

Appentra has a wide client base across Europe, the US and Saudi Arabia.

People
Armilar Venture Partners – Pedro Ribeiro Santos (partner).
Caixa Capital Risc – Xavier Álvarez (director).
Appentra – Manuel Arenaz Silva, Rosa Vázquez Rogel (co-founders).