July 6, 2009
InfoNow, which is a leader in SaaS, or software as a service provider announced today that it had secured $5 million in series B funding with Vedanta Capital leading the funding. Other investors participating in this round of funding include the companyâ€™s existing investors, Sequel Venture Partners and Sevin Rosen Funds.
Proceeds from this round of funding will be used for InfoNow to bolster up its leadership in the channel performance optimization.
InfoNow is a SaaS provider that has its patented Channel Performance Optimization platform which has been used by the Fortune 1000 companies and component manufacturers for the optimization of their channel relationships and interaction in real-time allowing these companies to gain insight to find the best mix of channels to use in their networks, which run efficiently, reduce cost and provide a high return in revenues.
According to Mark Geene, CEO of InfoNow, the fact that InfoNow has received this financing in such difficult and uncertain economic times is a testament to the confidence that the companyâ€™s existing investors along with the new investor, Vedanta Capital has in the products and service that InfoNow has to offer. Furthermore, this confidence from the companyâ€™s investors validates the urgent unmet needs of networks to have an optimized channel network that can work smoothly and efficiently in real-time, and InfoNowâ€™s Channel Performance Optimization Platform seems to be meeting those needs.
With the proceeds of this new funding, InfoNow can bolster its platform by expanding its product into new markets and be in a stronger global presence. Furthermore, InfoNow has just released its more advanced channel performance optimization program with its InfoNow 2.0, which includes leading solutions in the industry, such as Channel Incentives Optimization, Pricing Compliance, and Channel Inventory Optimization.
According to Michael Patterson, General Partner of Vedanta Capital, more companies are looking for indirect sales channels to market their products and this provides a growth opportunity for the team at Vedanta Capital. As far as Mr. Patterson is concerned, InfoNowâ€™s patented technologies give the company an edge in the market and give the companyâ€™s clients more influence and control over the channel activities.
Vedanta Capital is a vc firm that is built on a team of experienced individuals who have industrial experience in the life sciences, internet, software, and IT industries. Some of the companies that are in Vedantaâ€™s portfolio include 2Wire, Arcot, Augere, Cast Iron Systems, LiteSpace, and others.
Based in Boulder, Coorado, Sequel Ventures is a vc firm that focuses on early stage companies which are developing emerging technologies based in the Rocky Mountain area of the United States. Some companies in Sequelâ€™s portfolio include Aztec Networks, Dante Group, HighGround Systems, Prostore Systems, and others.
Sevin Rosen Funds is a high-class vc firm that has a track record of funding successful companies since its inception in 1981. Sevin Rosen mainly invests in early stage companies that either possess or are developing pioneer technologies. Some other companies in Sevin Rosenâ€™s portfolio include BIAP Systems, Invodo, Kabira, Market6, Splunk, YouSendIt, and others.
For more information about InfoNow, click here.