Business
Follow-on investment in AppSh
Follow-on investment in AppSh.
About this update from Truetide Plc
[{"type":"text","content":"\n RNS Number : 8736P Braveheart Investment Group plc 26 July 2010 \n \n\n26 July 2010\n \n \nBraveheart Investment Group plc\n(\"Braveheart\" or the \"Group\")\n \nFurther investment in AppShare Limited\n(\"the Company\")\n \nBraveheart (AIM: BRH), the technology commercialisation and investment management company, today announces that it has led a further investment into AppShare Limited. The funding is Braveheart's third investment into AppShare and totalled c£300,000. Participants in the round included Braveheart and its clients, Braveheart's Strathclyde Innovation Fund, and Scottish Enterprise's Scottish Co-investment Fund.\n \nAppShare is a spin-out from the University of Strathclyde which was formed in 2007 to develop a collaborative software solution for the Web Collaboration Services ('WCS') market. Web collaboration systems allow colleagues who are physically located anywhere in the world to share information on their computers in real time and in some cases talk and see one another, allowing remote collaborators to effectively 'look over' each other's shoulder. At present, there is growing demand for WCS, particularly within larger organisations as it provides an economical and environmental alternative to corporate travel.\n \nResearch shows however, that the limitations of current market leading systems mean they are not effectively meeting the needs of large enterprises. AppShare's ground-breaking technology deploys a new approach and is designed specifically to address the needs of large organisations, serving hundreds of concurrent users without affecting the corporate network. In addition, due to a modular design approach, AppShare's technology can be integrated with other existing software applications with comparative ease.\n \nBraveheart and the Scottish Co-Investment Fund first invested in AppShare at seed round in March 2008 and made a follow-up investment in September 2009. Since then the Company has developed a highly scalable prototype which is currently under evaluation with two large commercial enterprises. The Company is also in discussions with a large educational institution, seeking to deliver distance learning to users across the globe using AppShare's technology.\n \nThe proceeds of this financing will provide working capital to complete the pil...