Region: East of England
Programme: Future Fund
Bamboo Systems was in the process of seeking new investment when the COVID-19 pandemic hit and the UK’s investment landscape started to feel its impact. Concerned it wouldn’t be able to launch its new products and would have to lay off staff, the company applied for support via the Future Fund.
Read what it had to say in this Future Fund case study.
British Business Bank: Can you tell us what your company does?
Tony Craythorne, CEO of Bamboo Systems: Our mission is to revolutionise server architecture to meet the demands of modern software design while disrupting the status quo on energy consumption.
Our servers are optimised for microservices-based software, making them ideal for high‑performance workloads and processing at the edge, while saving one-half the typical acquisition cost of a legacy server, 75% of the energy consumption, and 80% of the rack space.
The coronavirus has affected a huge number of businesses across the UK. What problems were you facing as a result of the outbreak and what made you apply to the Future Fund?
We were in the process of soliciting investors when the pandemic hit, which changed the landscape negatively. Without investment we wouldn’t have been able to complete the development and launch of our new systems. We’d also have had to make redundancies.
How long did the application process take? Did you need any support?
The application took 40 minutes from start to finish and was very easy to complete.
Without the Future Fund, our future looked very uncertain given the current economic landscape and how hard it would have been to raise investment.
Tony Craythorne, CEO of Bamboo Systems
What advice would you give to other businesses that are applying to the Future Fund?
Read the terms carefully to make sure you’re compliant. Apart from that, we’d highly recommend the Future Fund to any company that can apply to receive its funding.
How has the Future Fund helped your organisation to weather the outbreak? And what might have happened if you hadn’t received the money?
The Future Fund has enabled us to move forward with launching our transformative new servers and puts us in a solid financial position where we can actively hire additional personnel.