SEP leads £2.4m round for Sumerian

The fresh capital will be used by Sumerian to accelerate company growth, as well as finance the further development and the launch of the company's new software-as-a-service (SaaS) IT analytics platform, Sumerian Workbench, which is currently in open beta.

SIB invested in the company via its £50m Scottish Venture Fund, which is able to commit £500,000-2m in deals worth £2-10m alongside private partners.

SIB is the investment division of Scottish Enterprise. Other funds that are managed by SIB include the Scottish Seed Fund and the £72m Scottish Co-investment Fund.

Previous funding
According to unquote" data, SEP backed Sumerian in March 2008 via its Scottish Equity Partners III fund, which closed in October 2006 on its hard-cap of £160m.

Company
Sumerian was founded in 2002 and is headquartered in Edinburgh. The company provides IT analytics services designed to cut IT costs and lower the risk of future IT plans.

The company's current beta product, Sumerian Workbench, is a SaaS platform designed to allow users to run predictive analytics in the cloud, with the aim of identifying ways to save on costs and improve the performance of their IT activities.

People
Bryan Clark is the CEO of Sumerian. SEP partner Andrew Davison led the deal for the firm. Kerry Sharp is the head of SIB.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Expansion
• Technology
• United Kingdom
• Scottish Equity Partners
• Scottish Enterprise