Innotas, a San Francisco-based on-demand PPM vendor, has raised $6 million in Series C funding. Backers include ArrowPath Venture Partners, Velocity Interactive Group and several undisclosed “strategic investors.”
On-Demand PPM vendor Innotas today announced completion of its series C venture financing totaling $6 million. The round was driven by ArrowPath Venture Partners, Velocity Interactive Group, and several strategic investors.
Innotas, which reported 400% growth in 2007, will use the funds to fuel expansion of its sales and marketing efforts, infrastructure to support customer growth projections, and product development including significant expansion of its engineering organization.
“We continue to be impressed with the remarkable and rapid growth performance demonstrated by Innotas, its management team, and the customer traction it has gained with both the mid-sized as well as enterprise markets,” said Tom Bevilacqua, managing partner, ArrowPath Venture Partners.
According to Gartner in a May 6, 2007 press release entitled, Gartner Says Service Providers Must Prepare Now for the Software as a Service Wave (http://www.gartner.com/it/page.jsp?id=501991), the Software-as-a-Service market is positioned for continued growth, reaching $6.3 billion in 2006, and it projects that it may hit $19.3 billion by 2011.
On-demand PPM (software-as-a-service) applications are changing the way organizations approve, plan and deliver projects inside and outside the enterprise, and are significantly increasing ROI on project investments.
“Innotas On-Demand PPM is cost effective, easy to implement, and scales to meet the needs of any size organization. For example, one of our customers is Hamilton Beach which has a 30-seat deployment, while another customer, UST Global has more than 5000 Innotas users,” said Keith Carlson, president and CEO, Innotas. “Even more impressive is how our customers are using Innotas to gain ROI and efficiencies across a broad spectrum of initiatives and usage-scenarios. This really speaks to the explosive market potential for on-demand PPM,” continued Carlson.
About ArrowPath Venture Partners
ArrowPath (http://www.arrowpathvc.com/main.html) is an early-stage venture capital firm with over $400 million under management. We focus on early and expansion stage companies developing highly differentiated enterprise and infrastructure technologies that offer a compelling value and have the prospect of achieving market leadership. Through our proprietary network of relationships with Fortune 500 companies, we identify emerging technologies and applications that deliver tangible ROI and meet the end user's needs. We utilize this end-user perspective to help companies hone their market focus, accelerate their time to market and provide them with a powerful competitive advantage. Our goal is to help entrepreneurs build companies of enduring value while generating superior returns for investors.
About Velocity Interactive Group
Velocity Interactive Group (www.velocityig.com) is a leading investment firm that focuses on digital media and communications. The firm brings a unique approach to investing by bringing not just financial capital, but also human capital to its investment companies. Velocity Interactive Group has a global presence in Palo Alto, Los Angeles, New York, India and China.
Innotas provides the only on-demand Project Portfolio Management (PPM) solution specifically designed to meet the needs of IT and IT Services organizations. With Innotas, managers and team members improve collaboration and can more effectively and efficiently manage IT initiatives, projects, and resources. For CIOs and executives, Innotas delivers deep visibility, automation, and analysis of the project portfolio, and resource planning and utilization. Our customers, including Crayola, Forbes, Hamilton Beach, Jo-Ann Stores, WorldVision and many others, span a wide range of industries including financial services, healthcare, retail, technology, telecommunications and energy. For more information please visit www.innotas.com or contact us at +1 415.814.7700.