WOBURN, Mass.--(BUSINESS WIRE)--Pneuron Corporation, the pioneer of the distributed solutions category, today announced a $5 million Series B-1 funding round, led by Safeguard Scientifics and joined by Osage Partners and Scott Group LLC. With this additional investment, Pneuron raised $13.25 million in funding and has seen revenue grow at a CAGR of 173 percent (or comparative revenue growth of 639 percent) since the last funding round in March 2013.
“This new financing round will allow us to focus on hiring key scale-up resources in sales, sales engineering, and implementation to deliver on the significant growth over the last two years across the Distributed Analytics space and the new category of Analytics on the Edge,” said Simon Moss, CEO of Pneuron. “What we built helps companies realize the time-to-value and agility advantages of a distributed data and analytics approach. With Pneuron, businesses no longer need to invest large and burdensome time and costs to solve business problems that have been so poorly serviced by traditional data and systems integration models."
Pneuron’s strategy is to step investment, based on success and growth achievement, ensuring minimal dilution for staff, effective and measurable ROI for investors. Combining strong cash management with effective and disciplined organizational growth enables focused use of funds to help scale operations and support accelerating market success. This approach continues to advance the messaging of its innovative platform and paradigm into the market, and reinforces a corporate culture focused on EBITDA, revenue growth and cash effectiveness.
A growing number of customers see Pneuron’s Distributed Platform as a new and unique way to quickly and dramatically change their solution strategy for problems that are traditionally too expensive, manual or risky to solve. This new round of funding will support Pneuron’s ability to deliver on the promise of solving traditional problems composed of disparate and distributed data, systems, business processes and analytics across an organization with dramatic improvements in time to value and cost.
“We are well-positioned to deliver a strong second half of the year, with aggressive projected growth for 2016,” said Elizabeth Elkins, COO of Pneuron. “Our current client base has found significant success in Pneuron’s approach to solving distributed data, process and system challenges in the enterprise and we are planning for the additional resources needed to service our increasing customer base.”
Analytics on the Edge
Analytics on the Edge represents a fundamental shift in the way firms solve business problems where the requisite solution components are highly disparate and distributed. Pneuron offers the ability to manage distributed processing wherever companies need it and dramatically simplifies the effort required to build such solutions. With the Internet of Things, problem solving is going further out to the edge, and Pneuron offers next generation technology that can distribute and manage solution components that work with the diverse elements in this expanding environment in the most efficient manner - from applications to machines, devices and sensors.
This funding round comes on the heels of another 200 percent revenue and bookings growth year in 2014, Pneuron being named a 2015 Gartner “Cool Vendor”, a global alliance with HP and a new patent for Pneuron’s “distributed analytics method for creating, modifying and deploying software pneurons to acquire, review, and analyze targeted data.”
Pneuron enables organizations to rapidly solve business problems through a groundbreaking, distributed approach that cuts across data, applications and processes. By targeting the right information at the data source, companies are no longer faced with the complex integration and infrastructure requirements of traditional approaches. Pneuron’s innovative Distributed Solutions Platform enables the acceleration of business value and develops reports, products and applications in half the time and cost of traditional methods. Pneuron’s distributed approach is non-invasive, technology-agnostic and leverages an organization’s existing infrastructure, avoiding the deployment risks and IT concerns that are prevalent in today’s centralized data projects. For more information, visit us online at: Pneuron.com, on Twitter or LinkedIn.