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SPIDER SYSTEMS GETS UKP3m VENTURE FUNDING

The Edinburgh-based networking company, Spider Systems Ltd, has successfully sought venture capital funding to enable it to expand its operations in the US and Europe. The specialist information technology venture capital fund led by Syntech (supported by County NatWest Ventures and CIN Venture Managers) will provide UKP1.5m for the development of US operations and to set up local offices in France and Germany. The money will also be used in research and development and in the expansion of the newly formed Spider UK division. A further UKP1.5m is to come from the Scottish Development Agency and through bank and European Coal and Steel Community loans to finance a purpose-built head- quarters and factory, Spider Park, in Edinburgh.

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