Icinetic, a spin-out from the University of Seville specialising in software development, has raised €655k ($869k) in a round led by Spain-based bank La Caixa.
The bank made the investment through its venture arm Caixa Capital Risc, which will be used by the tech company to strengthen its marketing department ahead of a global expansion. The round was also backed by a group of private investors.
Icinetic, founded in 2006, is developing a product called Radarc, which can be used to automate the production of professional software, therefore increasing both the speed and quality at which code for programmes can be generated. Since launching Radarc last year, the firm has raised €500k in sales from 4,000 customers, including software giant Microsoft.
In a statement on Icinetic’s website, the company said: “Icinetic welcomes all the new investors and thank them for their trust in our company. This milestone make us very proud of our team and encourage us to keep pushing innovation and quality in the Software Industry.”
