August 7, 2009
Based in Atlanta, an online payment solutions provider, Paymetrics announced today that it had received an $8 million investment in series B funding with Palomar Ventures leading the round of funding with a $5 million infusion. The other $3 million investment came from the companyâ€™s existing investor, Austin Ventures.
Paymetric leads the market in secure online payment solutions. Though the companyâ€™s headquarters are in Atlanta, Georgia, Paymetric also has offices in Austin, Texas and Houston, Texas. The types of solutions that Paymetric has can cover a variety of problems with online payment systems. The companyâ€™s solutions are versatile and support practically all online payment types of any business. Furthermore, Paymetricâ€™s secure and integrated online payment solutions also help client companies streamline order to cash processes and also reduce the financial burden from companies when being in PCI compliance.
According to Paymetricâ€™s CEO, Larry Wine, despite the difficult economic times, the fact that Austin Ventures providing funding and a new investor coming on board is a testament to the fact that Paymetric has an effective proprietary technology, strong business strategy, and the strength of the company.
Proceeds from this funding round will go to be used to manage Paymetricâ€™s shift in cash flow because of a SaaS or Software as a Service that the company has launched for its clients to use to improve their online payment systems and for Paymetric to go on doing research to develop more products in the online payment field.
Jim Gauer, managing director at Palomar Ventures, stated that he was convinced that Paymetric has a unique position in the marketplace to succeed with its solutions in online electronic payment systems. This statement was later backed up by Michael Rovner, partner at Austin Ventures, who stated that the team at Austin Ventures is excited about the opportunity that Paymetricâ€™s new SaaS will provide in the marketplace. Furthermore, Paymetric over the years has been gaining customer loyalty and this particular round of funding demonstrates the confidence that the two vc firms have in their investments of Paymetric.
Founded in 1999, Palomar Ventures is a vc firm that was created by seasoned venture capitalists who specialize in early stage companies. Since its inception, Palomar Ventures has built over 50 companies and currently has over $500 million in capital under its management. Furthermore, the fact that the partners at Palomar Ventures have experience running private companies backed by venture funding, they fully understand the frustrations that entrepreneurs have when trying to get the necessary capital they need to get their idea off the ground. Some other companies in Palomarâ€™s portfolio include Ace Metrix, Akonix, AlterPoint Applimation, Bigfoot Networks, Bubble Motion, and others.
Austin Ventures has been around for more that 25 years and currently has $3.9 billion under its management. Austin Ventures will partner with talented entrepreneurs who are committed to succeed and have a value building strategy in the tech and service industries. Other companies in Austinâ€™s portfolio include Active Power, Boca, MetaSolve, Mission Critical, Pentasafe, Orion Marine Group, SolarWinds, and others.
For more information about Paymetric, click here.