COMPUTER company MathEngine has raised £6.5m from investors to finance its growth plans.

The company, based at the Oxford Innovation Centre in Mill Street, has issued new ordinary shares to fund its expansion into the entertainment, education, engineering and e-commerce markets.

MathEngine uses the laws of physics to make computer animation and simulation more realistic. Its software is used by game developers and computer programmers world-wide.

Chief executive Alan Milosevic said: "We are delighted to announce the successful completion of the latest round of financing.

"This financing allows MathEngine to aggressively pursue world-wide business development efforts, promoting our core technology applicable to our strategic focus."

Mr Milosevic, a mathematician, started the company two years ago and has already raised nearly £7m to develop the technology.

The workforce in Mill Street has grown to 60 and the company is now looking for bigger premises in Oxford.

MathEngine also has offices in San Francisco, Montreal, Helsinki and Tokyo employing another 20 staff.

Eventually, Mr Milosevic wants to be employing 250 to 300 people and to be floated on the US stock market, Nasdaq.

MathEngine chief financial officer Phil Rogers said: "The proceeds from this round of financing leave the company in a strong working capital position.

"Our recent annual general meeting provided us with the opportunity to demonstrate the progress we have made in the various areas of the business over the past year, and to welcome the new investors to MathEngine."

Story date: Friday 03 December

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