The Cheshire-based firm gained £250,000 from both the North West Equity Fund and the Liverpool Seed Fund.
The company runs IT247.com, an e-commerce business that sells IT products, which utilises the company’s patented web technology.
IT247.com has a catalogue of over 50,000 IT products which it says is the largest in the world.
The website’s buyer information, such as pricing and stock availability, is updated constantly in real time.
Into Technology now wants to develop the tools utilised by this site, which include web-scraping technology, pricing mechanisms and advance product sourcing services, into products that can be licensed to other businesses in different sectors.
The funding will be used to seek those ends and will be used as working capital to be invested into product development and staff recruitment.
The company, founded by Steve Willock and Andrew Senior in 2005, initially gained investment from the RisingStars Growth fund, which backs technology-based start-ups.
Andrew Senior told GB that he expected the new services to be launched to clients during the Spring of 2007.
“The funding will accelerate the growth of the business and will be used as working capital to fund product development, recruit staff and to establish a marketing channel,” he said.
© Crimson Business Ltd. 2006