Industrifonden is investing SEK 10 million in Starcounter, which is developing the world’s fastest database. The previous owners are also participating in the SEK 15 million share issue. The money will be used to further develop Starcounter’s pioneering database technology and bring it to market.
Starcounter is developing a completely new database technology for business-critical systems which is much faster and cheaper to develop and operate than previous technologies. The foundation for Starcounter was laid back in 2003, when founder and serial entrepreneur Joachim Wester was working on a new project that required an extremely fast database. When he couldn’t find one in the market, he decided to develop it himself.
Today Starcounter has three products/services. Two central technological innovations – the Starcounter database and a technology to develop web applications – and an app store-like model that lets companies sell and distribute applications they develop with their own technologies.
“It’s the combination of these three that makes Starcounter an attractive investment,” says Johan Englund, Investment Manager at Industrifonden. “With its disruptive technology and distribution strategy, Starcounter has an opportunity to revolutionize software development.”
Though it is still in an early stage of development, the company has around 80 end users, including Gekås Ullared, Telenor Stores and Expressen.
“We are very pleased to have Industrifonden as an investor,” says Starcounter CEO Kristoffer Lundegren. “With their experience, long-term investment philosophy and strong capital resources, we will be able to shift our development into high gear.”