Thursday, April 3, 2014

Diamantech raises €160k in equity crowdfunding on Unicaseed

Genova, 1 April, 2014 - Diaman Tech S.r.l. the Marcon (Venice) based innovative startup specialized in the supply of software applications for the financial sector (seed below), has raised €160k in a equity crowdfunding round on the Unicaseed platform, the crowdfunding platform managed by the Genova-based Unicasim, in what has been the first operation in which a European company has been able to raise venture capital through an equity crowdfunding platform in compliance with a national law (Italy) and the Regulations of a Supervisory Authority (CONSOB). The equity crowdfunding round closed at just 10 pct over its target last 31th March, 2014.

With the publication by CONSOB (the italian supervisory authority), of the "Regulation no. 18592 of 26 June 2013 - The collection of risk capital on the part of innovative start-ups via on-line portals", Italy been the first EU county to have passed a structured legislation of equity-based crowdfunding.

The fund raising campaign began a bit muted on December 31 2013, coinciding with the launch of the Unicaseed platformdirect emanation of Unicasim SpA, with registered office in Genoa and with offices throughout Italy, the first financial intermediary authorized in the management of a Equity Crowdfunding platform in the face of the registration at the Section Special the special register kept by Consob.

After an initial running-in phase, the first subscriptions came and even among the multiple technical and operational difficulties that made by the national law, the equity raising has gradually grown reaching a real final rush, bringing the equity round raising in  overbooking, at almost 10% more that the initial Offer wich timely closing date as of 31th March, as required by the bid document. "We are very happy with this result - says Leonardo Frigiolini Managing Director of Unicasim who strongly wanted the birth of the portal Unicaseed platform - because beyond the outcome of the round itself (which gratify us), having positively closed the first "in showcase" operation and under regulation in Europe has certainly helped to close the circle around to the many arguments made ​​so far by the financial community after the enactment of Decree Law 179/12Unicasim through its portal unicaseed wanted to offer its own contribution to the " Italian " . 

The success of today is an important milestone for the entire Italian innovation ecosystem: the opportunities created by the regulation of this new tool, not easy to govern despite its appearance, have laid the foundations for a new capital market that we hope florid and transparent. Much remains to be done but we can certainly say that "alea iacta est" . And for once we got there first!

Financial advisor of Diaman Tech was Costantino Magro (Studio Magro e associati) while for the legal aspects of the equity crowdfunding operation both Diam Tech and Unicaseed relied upon the team of Osborne Clarke led by Umberto Piattelli (Partner since 2008).

The company was born as spin-off of the technological and software activities of the DIAMAN Holding Group with the goal of becoming one of the leading suppliers of software applications for finance. 

The software developed so far are EXANTE and BOND SELECTOR that incorporate revolutionary new generation statistical indicators. Indeed, the company already active since more than a year in the development of financial analysis software, launched in 2012, the web-based platform EXANTE which estimates the future performance thanks to the proprietary model linked to the conditional probabilities of the recent Bond Selector software, which incorporates the innovative independent Implicit Rating called iRating, which seeks to change the paradigm in the world of credit ratings. Being the software already complete and operational, it is not about to built a whole company, but an operation of consolidation and commercial improvement, as the software though appreciated by the users is not well known to the landscape of the potential users.