As well as the investment from 3i, Datanomic said existing investor DN Capital of London increased its support for the company in this round, while members of the company’s board and management team also participated. The company said it would use the injection of capital to further develop its product portfolio, build strategic partnerships, and expand internationally.
According to the company, the successful funding round is an endorsement of its new senior management team. Datanomic, founded by Dr Richard Marsh, recently augmented its team with the recruitment of Laurie Mascott as CEO. Mascott was a former region manager at Siebel Systems and former MD Europe for WebMethods. It also hired Tom Scampion, former EMEA vice-president sales for Trillium Harte Hanks, as vice-president sales.
The global data quality software market is increasing rapidly, and according to Gartner will be worth over $1bn by 2007. Matthew Mead, 3i director and Datanomic board member said: Corporates are increasingly acting on the critical need to improve data quality and 3i believes Datanomic has the team, expertise and technology to dominate this rapidly growing market. We have been actively looking to invest in the data quality arena for some time and having closely analyzed the market, Datanomic stood head and shoulders above legacy providers of data quality solutions.
