A COMPANY that is launching an e-mail translation product has already reached its minimum funding requirement following a share issue.

The Evening News reported on Tuesday, May 4, that Translution Holdings Plc, on Malvern Hills Science Park, Malvern, had developed a software product which automatically translates e-mails into different languages, and was seeking funding of £650,000 to complete development.

The first stage of the share issue closed on Friday, May 7, and the company has already reached its minimum funding requirement.

This will allow the company to fully develop its product, test it and generate initial sales, and includes a "seed" investment of £100,000 from the Advantage Early Growth Fund, which assists early-stage West Midlands businesses with growth potential.

The Offer for Subscription is part of a £1.9m funding programme to develop the product commercially and bring it to market and it remains open at 50p per share to private and institutional investors until Friday, May 21.

"The balance of the funding, which we hope to achieve over the final two weeks of the offer, will finance the required infrastructure and provide capital to finance trading through to positive cash flow and self-sustaining growth," said David Stephens, chairman of Translution Holdings Plc.