By TMG staffA new software giant has become the latest technology to make the leap from China to Europe and beyond.
Tiger Computer Software Group has raised a record £10m ($14.6m) in a new round of financing in the United Kingdom, with the UK’s first ever UK fund to be backed by a Chinese firm.
The deal will see Tiger Computer Software expand its footprint to include Britain and Europe in the next few years, with plans to expand to Asia in the not-too-distant future.
Tigers PCS Group, which has developed a number of popular operating systems for its Tiger computer, Tiger 2, Tiger 3 and Tiger 4 line of computers, said it would seek to use the funding to expand the company’s operations in the UK.TMSG’s UK fund, which will be used to finance Tiger PCS group’s expansion in the country, is the first in a series of UK-based fund that Tiger said would be open to foreign companies.
The new fund will allow Tiger to invest in the future growth of Tiger Computer software, with a view to supporting the growth of the UK as a digital hub for software development and commercialisation.TTS Group, the second-largest software developer in the world with more than 200 offices around the world, has also announced a £3.2m round of funding in the US, a significant boost to its US operations.
In total, the companies announced this week that the new fund would support their operations in Europe, China, and India, with Tiger Computing and Tiger Computer Group both seeking to expand into those markets in the coming years.TIGERS new funding round has come at a time when the tech sector in Britain has been in turmoil since the Brexit vote, with tech companies and the UK government struggling to work together to keep up with the surge in demand for PCS-based software.
However, the investment comes amid a trend in the British tech industry towards investing in technology, with some companies such as TMSG looking to expand their presence in the sector.TPM has contacted Tiger and Tiger’s board for comment.