The Centre for Industrial Technological Development (CDTI) grants NEOTEC funds to Codee

May, 2013

Last April, CDTI’s board of directors has approved NEOTEC funds to finance Codee’s (formerly known as Appentra) business plan. After several months of preparation, we gets funded through this prestigious fund which is only given to technology-based companies that have their own R&D lines as well as a business strategy based on domain intensive scientific and technical knowledge.

The aim of the Codee’s Neotec project is the development and commercialization of our tool. This is a new software product that accelerates simulation calculations in applications with high computational needs that requires frequent changes to improve existing functionalities or to incorporate new ones. The big challenge addressed is the parallelization of sequential applications by generating a correct parallel program that produces results equivalent to the sequential program.

Our R&D strategy is based on adapting and applying its exclusive technology to other types of HPC (High Performance computing) systems widely used in HPC market. The process of evolution of our’s exclusive technology will lead to the design, development and commercialization of new innovative products that meet real needs of HPC market segments.

Thanks to this funding, Codee will succeed in meeting its strategic objectives in the startup phase of the company. The company’s board of directors is fully satisfied with these news as the funding strategy is fully supported. Our plans to start a first round of external funding in the last quarter of 2013 which would grant access to private capital.

About CDTI

The Centre for Industrial Technological Development (CDTI) is a Public Business Entity of the Ministry of Economy and Competitiveness, which fosters innovation and technological development in spanish companies. It is the entity that channels the funding and support applications for national and international R&D&i projects of Spanish companies. Thus, CDTI seeks to contribute to improving the technological level of the spanish companies by the following means:

• Financing and economic-technical assessment of R&D projects developed by companies.
• Management and fostering of spanish participation in international programmes for technological cooperation.
• Fostering international business technology transfer and supporting services for technological innovation.
• Supporting the setting up and consolidation of technological companies.