Bristol-based Gnodal, which is developing a revolutionary technology for use in high-performance data centres, has secured finance from the YFM Group managed South West Ventures Fund as part of a £1.1 million funding round.
Adrian Beecroft and NESTA were co-investors in the round and a second closing saw the YFM Group managed Finance South West Growth Fund also investing in the company.
Gnodal, which is located in the SETSquared business incubator at Bristol University, has developed technology that gives an order of magnitude improvement in data centre performance and power efficiency. With rapidly increasing volumes of information, data centres are growing in size and power consumption. Traditional technologies have become inefficient as data centres have increased in size.
Fred Homewood, CEO of Gnodal, said: “Our products will offer performance levels significantly exceeding those found today in large data centres. We will be offering a range of products which scale in size from single rack solutions to the largest server systems and storage arrays.”
Julian Dennard, Senior Investment Manager at YFM Group, said: “Gnodal has developed an innovative solution for a high growth market. Fred Homewood has put together a highly qualified and experienced team and we look forward to working with them.”
Will Leonard and Jon Calvert, both from ClearViewIP performed due diligence on the Gnodal deal for the Investors. Subsequently, Will Leonard, with his extensive background in data centre technology business was asked to join the management team as a non-executive director and adviser to the company.