TECHNOLOGY finance company, NStar, has reached a milestone.

The group has announced that its investments in technology and businesses in the North-East have reached £2m. NStar was established in September 2003, with funding from regional development agency One NorthEast, to create a climate for technology investment in the region.

Its independent fund management company, NorthStar Equity Investors, which manages the £10m Proof of Concept fund, has invested in 31 technology companies in the region.

Those who have benefited recently include pharmaceutical company E-Therapeutics, 3D games maker Caspian Learning and mobile phone tracking company Trackaphone.

Andrew Mitchell, chief executive of NStar, said: "NStar is making a real difference to the development of innovative businesses in the region.

"We have proved over the past 18-months that we can get things done, and make a real difference in the innovation and technology arena.

"We have made a solid start, and our activities to date are testimony to the specialist expertise we have brought together here in terms of investment, deal generation and science and technology commercialisation.

"We look forward to working with the region's professional advisors, the centres of excellence and others to provide equity funding for exciting new companies that will bring new jobs into the region as they grow in the months and years ahead."