A CHESTER-BASED firm which provides an online learning service for secondary schools has secured £640,000 to fund its growth.

Autology World has received £375,000 from The North West Fund for Digital and Creative, while a further £285,000 has come from private investors. It is the first investment by the £15m fund, which is managed by AXM Venture Capital, and is part of the £185m North West Fund.

David Smith, investment director of AXM Venture Capital, said: “We are delighted to make our first investment from the newly-launched fund, particularly as it involves the integration of education and technology. These are two sectors of particular interest to us, underpinned by a clear market need, significant societal benefit and the increasing migration from traditional hard-copy to digital delivery.”

Autology provides an online learning tool for schools and home-based study which enables students to access paid-for content from educational publishers including Pearson, Letts Lonsdale and World Book.

It said it will soon reach 500,000 students, and is currently being implemented in schools throughout Lancashire, West Midlands and Cardiff.

Autology’s chairman, Julian Harley, said: “Autology is achieving rapid progress as a provider of easily searchable digital content to school and college students. With the expectation that we will break through 1m student users within the next 12 months. It’s a really exciting time for the company, and it’s great to have AXM with us as an investment partner.”

Andy Leach is the chief executive of North West Business Finance, a private, not-for-profit company which was appointed to oversee delivery of the fund.

He said: “It is really pleasing the first investment made by The North West Fund for Digital and Creative is supporting the growth of a business in such an important segment of the market. Early enquiry levels suggest that Autology will be just one of many exciting investments that will form part of our Digital and Creative portfolio.”