The funding from Midven and the Midlands Engine Investment Fund will support product development and create twenty jobs in Nottingham.
"We are delighted to have received the investment from Midven. It will allow us to move the business onto a more commercial footing, recruit the necessary specialised staff and reduce time to market. We want to surpass our prior expectations to enhance security, improve passenger experience and increase throughput, all whilst reducing overall costs for airports."
Maven led the investment to help scale the Edinburgh-based identity management firm.
"We are delighted to be leading the investment in Symphonic Software. The company operates in a high growth sector driven by significant new regulation. Symphonic is targeting further growth in retail banking and other sectors and is well positioned to expand into new markets. We look forward to working with Derick and his team over the coming years to scale the business and deliver on its growth strategy."
Par Equity led the £1.2m investment round, which also saw continued backing from Kernel Capital.
"Seldom does a day go by where the possibilities of machine learning aren’t being discussed. We’re as keenly aware as industry commentators that any successful use of this technology will rely on fast access to perfected data, something that has been our sweet spot since we were founded, and in which we’ve been investing continuously throughout my six years at the firm. We’re extremely pleased that Par Equity has come on board at this exciting time in our company’s history and look forward to working with them. Thank you for your continued support and we look forward to sharing more exciting news in the near future."
