Edge Dynamics Secures $12 Million Financing to Accelerate Strategic Business Expansion
Series B Led by New Investor Greylock Partners With Participation From EMC and Existing Investor Foundation Capital
Edge Dynamics, the leading provider of channel commerce management solutions, announced this week it has secured $12 million in Series B financing. The new round of financing was led by new investor Greylock Partners with strong participation from Edge Dynamics' current investor, Foundation Capital, and other new investors, EMC and Silicon Valley Bank Capital. With this final round of investment, Edge Dynamics has attracted a total of $21M in financing.
The new financing will be used to accelerate the strategic business expansion of Edge Dynamics' market-leading CCM solutions into additional segments in the pharmaceutical market as well as to accelerate further product innovation.
In conjunction with this round of investment, Dave Strohm, a partner at Greylock, has joined the Edge Dynamics Board of Directors. "Greylock is enthusiastic about our opportunity to become a significant investor in Edge Dynamics. This is a seasoned and intensely committed team of people. That commitment, coupled with product and services that deliver significant and immediate value to customers, has enabled Edge Dynamics to build an impressive customer base, with even more impressive customer satisfaction," said Strohm. "I believe Edge Dynamics is well on its way to achieving a position of industry leadership, and I look forward to working with this team over the next several years to extend that leadership."
"Edge Dynamics has executed with excellence since its inception - that was what drew us to invest initially and to continue our participation in this round," added Paul Holland, a general partner at Foundation Capital and Edge Dynamics board member. "This new investment enables Edge Dynamics to accelerate its market momentum."
The Edge Dynamics' CCM solution currently addresses the approximately $500M annual market opportunity in the pharmaceutical industry by uniquely combining transaction processing with in-line analytics to solve critical business issues in the areas of channel control, regulatory compliance, and patient safety. With Edge Dynamics' solutions, companies can achieve measurable revenue increases of one percent or more. Customers successfully using Edge Dynamics today include industry leaders such as Bristol-Myers Squibb, King Pharma, and Purdue Pharma L.P., among many others.
"This investment will enable us to accelerate our pace of growth and further capitalize on this significant and rapidly growing market opportunity for channel commerce management solutions," said John McGrory, president and CEO, Edge Dynamics. "Greylock is one of the most respected private equity firms in the world and Dave Strohm is the investor behind many of the world's most successful technology companies. We are pleased to partner with Greylock and Dave to realize our vision for creating the next great software company."