DiffusionData is to create 10 new jobs in Newcastle after receiving a £1m funding package from the North East Development Capital Fund (NEDCF).
Diffusion, a Reading-based “pioneer in real-time data streaming and messaging solutions” will open up an engineering and testing hub that will create 10 jobs in the city’s Helix development.
Grethe Brown, CEO at DiffusionData, said: “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.”
Maven initially invested in the company in 2020, when the business operated as Push Technology. Maven VCTs led a £10m investment and the business has continued to grow following a further £2.55m investment last year.
Michael Dickens, investment manager at Maven added:“This is a great addition to the NEDCF portfolio as a business Maven VCTs had backed in 2020 and has continued to grow. Our funding highlights Maven’s confidence in the business’ performance and the growth of the industry as a whole. It’s fantastic to see DiffusionData expanding into the North East region as it showcases the continued confidence in setting up bases here to push forward to growth and development of these tech focussed companies.”
The North East Development Capital Fund is part of the wider North East Fund, which was established in 2018 to invest £120m in around 600 North East businesses in the period up to this March. The fund was set up to create more than 2,500 new jobs in Tyne and Wear, Northumberland and County Durham by investing in new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism across the North East. It is supported by the European Regional Development Fund and managed by Maven Capital Partners.
