Published: Mar 06, 2023
Focus: North East Development Capital Fund, NEDCF
The North East Development Capital Fund has backed data platform provider DiffusionData with a £1 million funding package. The investment will enable the business to continue with new product development and quality focus, to maintain and expand customer engagement and satisfaction with the brand and its expanding suite of exciting innovations.
DiffusionData is a market leading platform providing real-time, data streaming and messaging solutions that reduce network bandwidth requirements, allowing customers to expand their businesses. The company’s Diffusion Intelligent Data Platform is purpose-built to simplify and speed application development, reduce operational costs, and economically deliver personalised data at Internet scale.
Leading brands, across industries including financial services, transportation, energy, retail, healthcare, eGaming, and Internet of Things companies, use the Diffusion Intelligent Data Platform to drive customer engagement, fuel revenue growth, and streamline business operations. Diffusion is available on-premise, in-the-cloud, or in hybrid configurations, to fit the specific business, regulatory, and infrastructure requirements of event-driven applications.
Maven initially invested in the company back in 2020, when the business operated as Push Technology. Maven VCTs led a £10 million investment and the business has continued to grow following a further £2.55 million investment in May 2022, co-led by Maven, and now receiving further backing via the NEDCF to support their expanded operations into the North East region.
The business will move into the Helix in the Core in Newcastle City Centre and open an engineering and testing hub, creating 10 jobs in the region.
“This is a great addition to the NEDCF portfolio, as a business Maven VCTs backed in 2020 that has continued to grow. Our funding highlights Maven’s confidence in the company's performance and the growth of the industry as a whole. It’s fantastic to see DiffusionData expanding into the North East region demonstrating the continued confidence in setting up bases here to push forward with growth and development of these tech focussed companies.”
Michael Dickens, Investment Manager at Maven
"This investment from NEDCF and expansion into the North East region comes at a very exciting time for DiffusionData. Our key customers are expanding their use of the DiffusionData platform, new customers are rapidly coming on board, and we are getting noticed. This added confidence in DiffusionData will assist us in establishing an extended quality and performance team based in the North East; another significant step in supporting our footprint growth.”
Grethe Brown, CEO at DiffusionData