Inveready subscribes to €1.5m Lucierna round

Susannah Birkwood
07 September 2011

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Inveready and Caixa Capital Risc have led a €1.5m funding round for a minority stake in Spanish technology firm Lucierna.

Following an approach by Lucierna, the venture capital investors injected the funds via their respective Inveready Seed Capital, Inveready First Capital I and Caixa Capital Micro vehicles. Inveready provided €400,000, while Caixa contributed €50,000.

The company's founders also invested €70,000 to retain a majority stake, while the public organisations ENISA and CDTI provided the remainder of the €1.5m.

The IT applications market is currently having a strong impact on the rapid growth of cloud computing. Lucierna, meanwhile, is a player in the application performance management market, a sector notable in 2011 for the completion of numerous acquisitions, the arrival of several new companies and products, and the development of a number of disruptive technologies.

Inveready was impressed by Lucierna's cloud solution, Antorcha, and its popularity among companies' IT directors, who frequently struggle with issues relating to application performance.

Lucierna will direct the new funding into product development and its US expansion plans.

Company
Barcelona-based Lucierna was founded in May 2009 and provides application performance management solutions across the lifecycle for Java, .NET, and PhP applications. Its Antorcha solution detects bottlenecks, crashes, critical exceptions and performance degradation of production applications. The company is active in Spain, the UK, Germany and Italy.

The company claims that its technology is particularly useful for the online commerce and banking segments, which require uninterrupted interaction with clients. Customers include Race, InverCaixa, Indra, Accenture Italy and Everis. Lucierna anticipates generating a positive EBITDA this year.

People
Ignacio Fonts, CEO of Inveready First Capital I, and Roger Piqué, founding partner of Inveready Seed Capital, led the deal for Inveready and join the company's board. Manuel Barallat represented Caixa Capital Risc. Manuel López, Alejandro González, Abraham Nevado and Juan Mahíllo are the founders of Lucierna.

Advisers
Equity – BDO, Ramón Riera (Financial due diligence); RCD, Carles Ros (Legal).
Founders – Jané Advocats, Jordi Jané (Legal).