A Bristol-based company founded by an Insider 42 Under 42 that enables people to share their computer's spare processing power is seeking further crowdfunding investment on the Seedrs platform to support expansion into new sectors
YellowDog was founded in 2015 by Gareth Williams, named as an Insider 42 Under 42 in 2016, and Simon Ponsford.
The company has developed an application that harnesses unused computer processing power to create the equivalent of a supercomputer for use by animators.
YellowDog previously raised £150,000 through Seedrs in 2015. Since then the business has grown from about 4 staff to 17 and is on to its fourth office space. There are now 1,000 studios in 38 countries worldwide using its platform.
Gareth Williams told Insider: "We've made some amazing progress and have continued to invest in our technology. We have what we believe is the most scalable and easiest to use platform for rendering around."
YellowDog is now pitching for investment through the Seedrs platform to support its plans to make its platform available to new sectors. YellowDog is seeking £600,000 with 9.09 per cent equity offered to investors.
He added: "The plan was always to use the platform for different applications. We were lucky enough to meet the former chief technology officer of a global bank and he suggested we talk to that sector.
"We can help banks to reduce risk, save money and make better investments. We're also looking to move into healthcare and other sectors.
"The funding is about taking that next step in making the most of the opportunity we have."
The company plans to continue to grow in the UK and also plans to establish a presence in the US over the next few years.
Williams said: "Over the next 12 months we're looking to double staff numbers, taking on about 18 new starters.
"Over the next three-to-four years we expect to step up investment in our platform and start generating significant sales increases. When we've developed our off-site business we'll look to set something up in the US."
YellowDog has so far secured pledges of more than £500,000 of investment, representing 85 per cent of its target, with 42 days remaining on the site.
Source : https://www.insidermedia.com/insider/southwest/tech-company-targets-expansion-with-crowdfunding-raise