UK VC Scottish Equity Partners (SEP) has led a €2.1m Series A funding round into Clavis Technology, an Irish cloud computing provider.
Other participants in the round include Delta Partners, Enterprise Ireland and software industry veteran Jim Mountjoy.
The booming cloud computing sector, also known as Software as a Service (SaaS), is expected to triple in size over the next three years according to IT analysts IDC as spending grows to US$42bn.
Clavis, founded in 2007, specializes in data quality management and data governance solutions for large enterprises. Data errors cost US businesses US$600bn a year according to the Data Warehouse Institute. Clavis’ technology enables users to prevent these problems occurring in the first place by installing quality controls at creation point.
Clavis Technology CEO Garry Moroney said: “In today’s highly interconnected world, bad data entered into a web-form or into a frontline business application, such as a call centre system or a new product application, immediately spreads through a company’s information systems. The negative impact of the defective data and the cost of fixing it later – or not fixing it and leaving it to hamper important business processes – can be huge. The only solution is to implement controls to ensure that data is right first time.”