Press Releases

RISINGSTARS GROWTH FUND INVESTS IN COVELUS LIMITED

30 March 2005

 

The RisingStars Growth Fund, managed by EV, has completed an investment in Covelus Limited. 

Covelus Limited is a technology company based in Liverpool producing solutions for digital pen & paper and it owns a platform for a wide range of devices such as PCs, PDAs, mobile phones & access points, which routes digital pen stroke data to an end destination  such as an email address or server. In addition, it provides various enterprise server solutions to administrate routers, digital pens and applications, either hosted by Covelus, or owned outright by developers.

Covelus has offices in Liverpool & Malmö, Sweden and its management team has over eleven years experience with the technology.

Dave Bell, CEO of Covelus said "The RisingStars investment comes at a perfect time for Covelus - we are progressing with the development of our core digital pen routing technology for application developers. The investment allows us to achieve this more rapidly, adding key software developers alongside an experienced management team".

Julian Viggars, EV Investment Director, pictured left, says, "If you fundamentally believe that pen and paper will continue to be used for note taking and communication, then this technology enables the next logical step - to be able to transmit pen strokes digitally, virtually in real time. It therefore sits in a very large market area. It's not hard to think of situations and innovative marketing instances where instant and secure transfer of handwritten notes or pen strokes would be of great value. With the recent acquisition of a highly respected Swedish development capacity alongside innovative commercial approaches, we are pleased to be supporting the team in bringing this exciting technology to the global market".

The RisingStars Growth Fund is managed by EV and provides early stage risk finance to high growth technology companies located in the North West of England, at the seed or start-up phase, and will also invest at the 'proof of concept' stage. Companies must demonstrate excellent commercial prospects, and are likely to receive the funding in stages against development milestones. In addition to finance, the Fund offers considerable support and guidance in assisting companies with their strategic, technical and market development.

Contact details

For further details on Covelus, please contact Dave Bell, CEO, on 07803 298 332 or by email at dave.bell@covelus.com