Technology company Xergy has raised £3.1 million in additional investment helping to drive the expansion of its project management software.

Its latest investment round for series A+ funding was oversubscribed, the company said, and was supported by both its existing investment base and a number of new strategic investors.

Since its inception in 2018, the Aberdeen-based company has raised £10.2 million.

“This successful financial raise allows us to increase the size of our in-house development team by recruiting new talent who will focus on building Proteus’s generative AI,” Xergy co-founder Colin Manson said.

“This will further help our clients optimise their project performance. In addition, the raise will support our growth into Australia and our planned entry into the United States later in 2024.”

Proteus is the company’s software platform, a project management tool that claims to meet the demands of complex projects and ambitious targets for global teams. The tool can help drive digital transformation and improve project delivery, with energy sector clients across the UK and engineering companies around the world using Proteus.

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“Our latest raise enables the Xergy team to broaden market penetration and awareness of Proteus and further boost our ambition to bring a game-changing, financially compelling, project controls solution to a global market,” said co-founder and Xergy chairman, Professor James McCallum.

“Our vision remains to assist our clients in delivering exceptional project performance whilst embracing the broader potential of digital transformation. We are humbled by the continued support of our legacy shareholders and excited to add some new investors who are joining us on our journey.”

Recently, Xergy also announced the opening of new offices in Dundee, Scotland, and Perth, Australia, with a current workforce of 34.