A TECHNOLOGY firm has raised £500,000 in investment as it prepares to sell its latest 'cloud computing' product to the world.
Newcastle’s Arjuna Technologies specialises in cloud computing, which allows the sharing of computing resources, meaning that one machine can be used continuously and for multiple purposes.
This enables firms to cut costs by tapping into vast pools of infrastructure as and when they need it rather than investing heavily in equipment which is rarely fully utilised.
Arjuna, which was originally spun out of Newcastle University, has now won the investment it needs to launch its new product, Agility, across the globe.
The company has received £500,000 in backing from Barwell PLC – a Glasgow-based specialist venture capital firm – alongside North East investment syndicate BIG and North East Finance’s Design and Creative Fund.
Arjuna has now launched a preliminary version of its product and is currently building a base of customers who will act as partners in its ongoing development.
It expects to launch the fully-developed version early next year when the product will be rolled out globally.
Managing director and founder Steve Caughey said: "We recently released the beta version of Agility.
"The full commercial launch is planned for January 2010, resourced by our new investors.
"To pave the way for taking Agility international, we are now looking to engage with companies here in the North East region who are interested in exploring the huge potential of cloud computing."
Arjuna started life at Newcastle University in 1985 and became an independent spin-out company in 1998, with Steve appointed as its managing director.
Within 12 months Arjuna Solutions was acquired by an American company, Bluestone Software, which, in turn, was quickly acquired by Hewlett Packard.
In 2002, the Arjuna team re-established an independent business in Newcastle, while the firm maintains a close relationship with Newcastle University.
Mr Caughey said: "We recruit almost exclusively from Newcastle University. The talent we get is fantastic.
"We select the very best people and keep them and their skills in the region.
"Because of our reputation and our history, we always have lots of interest in the company and individuals are keen to come to us.
"Previous Arjuna employees have gone on to senior roles in high-profile companies such as IBM, Red Hat and Microsoft."