Technology fund provides bridging finance to Xegen

The iGlobe Treasury Fund, a venture capital fund, has provided an undisclosed amount of bridge funding to technology firm Xegen.

iGlobe Treasury's general partner Philip Lum said he did not want to disclose the level of finance provided, but it would initially be structured as a loan, which would be converted to equity over the next few weeks.

Xegen was founded in 2002 and initially distributed support systems, but has since branched out into the development of business intelligence technology.

Xegen plans to use the funding from iGlobe Treasury, together with grants from Technology New Zealand, to boost its product development and expand into overseas markets.

Xegen has received three grants totalling almost $300,000 from Technology New Zealand over the past 12 months.

The Government agency's manager, Suki Siriwardena, said it had worked closely with the company to understand its potential.

"While a lot of the work being done with its technology is lab-based, Xegen is now rolling out aspects of R&D that are business hardened."

iGlobe Treasury, a Singapore/New Zealand joint venture, is one of four seed-fund managers backed by the Government's Venture Investment Fund Programme.

The cross-border firm actively manages a $31 million fund, with an investment focus on info-communications technology, biotechnology, creative media and environmental technology.

- NZPA