Vovici, a Dulles, Va.-based provider of enterprise feedback management solutions, has raised $10 million in Series B funding. Mayfield Fund led the round, and was joined by return backer Austin Ventures.
PRESS RELEASE
Vovici (voh-VEE-see), the leading provider of Enterprise Feedback Management (EFM), today announces that it has closed a $10 million series B funding round. The round was led by Mayfield Fund with participation from existing company investor Austin Ventures.
“Vovici is the category creator and leader in the growing Online Survey and Enterprise Feedback Management (EFM) market,“ said Rajeev Batra, principal at Mayfield Fund. “We look forward to working with Dean Wiltse and his team in making Vovici a leading Software as a Service (SaaS) business and the standard for managing enterprise-wide feedback and leveraging online community panels among organizations globally.“
In addition to securing its recent funding round, Vovici announced that Mayfield Fund's Batra was appointed to the Vovici board of directors. He joins current board members, Dean Wiltse, Chairman and CEO of Vovici; Chris Pacitti, General Partner of Austin Ventures and David Lack, Partner of Austin Ventures.
“Major companies are recognizing the need to control the survey process across the enterprise and to build community panels of their customers for integrated feedback,“ said Vovici's Wiltse. “Vovici is uniquely positioned to satisfy this rising demand, and the support of Mayfield Fund and Austin Ventures will allow us to continue our strong growth as we enable companies to integrate feedback into their critical business processes.“
“This funding is a great validation of the progress that has been made since we teamed with Dean to form Vovici,“ said Austin Venture's Pacitti. “The objective was to establish a leadership position in the enterprise feedback management market and Vovici has clearly emerged as a clear choice for companies looking to maximize the benefits of online feedback.“
Vovici is currently delivering feedback solutions to 58 percent of the U.S. Fortune 500 as well as companies around the world. Validating Vovici's unique and innovative feedback solutions, the company's SaaS bookings increased 85 percent in 2007, compared with the same period in 2006. Organizations worldwide are becoming increasingly aware of the strategic value of a consistent feedback strategy, and are turning to Vovici as the standard feedback tool for their organization. As a result, these organizations are eliminating the use of multiple feedback tools and the resulting disconnected islands of information, thereby establishing feedback as a reusable corporate asset.
About Vovici
Vovici Corporation is the leading provider of Enterprise Feedback Management (EFM), providing online survey software, survey templates, analytics expertise and research services to decision makers in the enterprise, research and government markets. Organizations worldwide, including more than half of the Fortune 500, rely on Vovici to help them better identify employee satisfaction, market research and customer satisfaction and act on that information in order to create long-term relationships, increase profitability and facilitate time-critical actions that drive business results. Visit www.vovici.com for more information.
About Mayfield Fund
Over the past 39 years, Mayfield Fund has been at the forefront of investing in emerging businesses that have grown into industry leaders. Mayfield Fund invests in the
About Austin Ventures
Austin Ventures, with $3 billion dollars under management across nine funds, has provided startup and growth capital to emerging companies for over twenty years. We partner with exceptionally talented entrepreneurs and operating executives to build valuable businesses in a variety of technology and service industries. We invest nationally but maintain a particular focus on Texas, where we are the region's most active investor. Our team of investment professionals works with companies at every stage of the funding lifecycle, from initial seed investments, through startup and growth capital, to management-led buyouts and recapitalizations. Austin Ventures brings a long-term investment perspective, broad experience in building high-growth companies, and access to an unparalleled network of entrepreneurs and executives. Visit www.austinventures.com for more information.
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