Centrifuge Systems Inc., a McLean, Va.-based provider of business intelligence software, has raised $4.5 million in first-round funding from Novak Biddle Venture Partners.
Centrifuge Systems, Inc., a leading provider of next generation business intelligence software, today announced that it has received its first round of institutional funding from premier venture capital firm Novak Biddle Venture Partners (NBVP). NBVP invested $4.5 million in Centrifuge, whose advanced visualization software helps organizations discover insights, patterns and relationships hidden in their data. The financing will support implementation of the company's growth strategy and product innovation initiatives. Novak Biddle general partners Andrea Kaufman and Roger Novak have joined the company's board of directors.
“With an increased demand for its products and several federal agencies among its customers, Centrifuge's software has been validated by the government as best-of-breed technology. There is clearly a need for business intelligence software that enables users to ask open ended questions of their data by interacting with visual representations of the data directly,” said Roger Novak, general partner, Novak Biddle Venture Partners and new board member, Centrifuge Systems, Inc. “The company is well-positioned to seize existing market opportunities and to create new opportunities by eventually penetrating several vertical industries,” Novak added.
“Our interest in Centrifuge is driven by several factors – its consistently cutting edge approach to visualization, the strength of its management team, and the software's potential for widespread commercial application,” said Andrea Kaufman, general partner, Novak Biddle Venture Partners, and new Centrifuge Systems, Inc. board member. “This deal ties into our investment strategy of backing leading early stage companies that have developed dual use technology, that which can transcend the government-agency customer and filter into the broader marketplace,” Kaufman added.
“Having the resources, expertise, and insights of the Novak Biddle team at our disposal during this phase of our life cycle is an invaluable asset. As we grow the organization to respond to market demand, it is critical to have the support of a reputable, well-connected partner and we are delighted to have Novak Biddle on board at this exciting time for the company,” said Guljit Khurana, CEO of Centrifuge Systems.
Centrifuge recently expanded its management team with the additions of CFO Brian Daum and Mitch Shue, vice president of engineering.
Centrifuge Systems, Inc. is a leading provider of next generation business intelligence software that helps organizations discover insights, patterns and relationships hidden in their data. Centrifuge is used in some of the most demanding applications in the world, including counter-terrorism and homeland defense, to help analysts move from data to discovery.
Traditional business intelligence solutions require users to define what they want to see in advance and present the results in static dashboards. With Centrifuge, users determine what is of interest “on the fly”, then manipulate the displays directly in a highly interactive fashion. The experience is refreshingly easy-to-use and the resulting insights can be extraordinary.
For more information, visit the company's website at http://www.centrifugesystems.com .