Glasgow-based DeepMatter and data analytics business ONZO are to share in a six million pound portion of the Scottish-European Growth Co-Investment, which has part one of a total commitment worth £16.26m.

Delivered by the Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise, and in partnership with the European Investment Fund (EIF), it is backed back the Scottish Government through the Scottish Growth Scheme.

The purpose of the fund is to increase the amount of available equity funding options for companies at the next stage of their growth journey.

Support from the fund has helped AIM-listed data analysis company DeepMatter, to access additional institutional investment and enable the company to continue developing its long-term strategy.

DeepMatter CEO Mark Warne said: “The investment allowed us to cement DeepMatter’s long-term development strategy, providing funding that ensures we remain at the forefront of the digitisation of chemistry, whilst also helping the company to secure additional institutional investment.

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“We remain committed to building a sustainable business in Scotland and this year plan to expand our workforce, adding further software developers and data scientists to our team of visionary experts.”

Data analytics firm, ONZO, which works primarily in the energy industry, plans to use the funding to accelerate its operations and open a Scottish office.

This funding combined with investment from Sir Tom Hunter’s West Coast Capital, German private equity fund Cipio partners, and Dutch energy company Eneco, has helped the company to ramp up its expansion plans. ONZO worked closely with Scottish Development International (SDI) planning its new Scottish operations.

ONZO CEO Steve Daniels said: “The new investment and our existing shareholders’ support has enabled us to take a significant step forward in accelerating the development of our business.

“We have already set up an office in Edinburgh, concentrated on speeding up the delivery of our product road map, in terms of existing requirements. Importantly, the calibre of the team we have begun to recruit will also enable us to develop product and service features for the future requirements of the energy sector.”

Kerry Sharp, director of the SIB, said: “ONZO and DeepMatter are exactly the type of ambitious companies our innovative programme is designed to support. By understanding the financing needs of our businesses, introducing new investors to the Scottish market, and actively filling the gap in funding availability, SEGCP has enabled the companies to deliver their growth ambitions.

“The programme is only one of the available financing support mechanisms we have at SIB. We are here to invest in growth and I encourage companies looking to raise additional funds – and investors interested in considering fantastic investment opportunities in Scotland – to get in touch with us.”

EIF chief executive Pier Luigi Gilibert said: “We are pleased that these two companies are benefiting from one of the first financing programmes launched by EIF under the EIF-NPI Equity Platform; an initiative to engage more closely with development organisations, such as Scottish Enterprise, from across Europe.

“These two businesses provide clear examples of how the Scottish-European Growth Co-Investment Programme can help us tackle the ‘second equity gap’ that companies face when they develop from start-ups to growth companies.”

Cabinet Secretary for Finance, Economy and Fair Work Derek Mackay MSP, said: “This programme, the first under the Scottish Growth Scheme, was designed specifically for companies seeking large equity investment to support their growth plans. Both ONZO and DeepMatter have been able to expand and create job opportunities whilst attracting additional new investment through the programme.”