Last updated: 21.06.11

Online learning scheme receives £640,000 investment

A new e-learning online tool has received £640,000 of investment, with the firm predicting more than one million students will use the system within the next 12 months.

Autology World provides a digital database that is easily searchable by pupils at schools and colleges.

The Chester-based firm has received £375,000 from the North West Fund for Digital and Creative (NWFDC), a scheme managed by AXM Venture Capital with £15 million at its disposal, reported the Liverpool Daily Post.

"We are delighted to make our first investment from the newly-launched fund, particularly as it involves the integration of education and technology," AXM investment director David Smith told the newspaper.

Mr Smith pointed out that there is an increasing migration from hard-copy documents to digital content, so there is real demand for the company's online learning services in the UK education system.

The rest of the capital received by Autology World came from private investors.

As part of the North West Fund, the NWFDC hands out finance packages of between £50,000 and £2 million.