PALO ALTO, Calif.--(BUSINESS WIRE)--Symphony Communication Services, LLC, today announced it has raised $67 million in new capital. New investors Barclays; Bpifrance, the French investment bank; and CLSA, along with a group of existing investors, participated in the round. This brings Symphony’s total capital raise to date to over $300 million from the world’s leading financial services firms, global venture capital funds, and technology companies.
Symphony’s secure team collaboration platform has reached critical mass with over 300 firms and 320,000 users. The raise validates Symphony’s leadership position in financial services and will enable the company to accelerate its product roadmap, expand its core offering for financial institutions and broaden its reach to other regulated and data-sensitive industries.
The company’s expansion into new market segments including insurance, legal, healthcare services and government will be accelerated by its recent milestones:
- This capital investment and new strategic investors;
- Strong demand for secure and compliant solutions in information sensitive markets;
- The uptake of Symphony Meetings, secure real-time collaboration suite with encrypted audio, video conferencing, application and screen-sharing designed in partnership for regulated users; and
- A cutting-edge developer platform which enables customers to reach their digital transformation goals through new apps, smart bots and applications integrations.
“Investor interest in accelerating Symphony’s growth has remained strong since our founding, and we are very pleased to welcome these institutions to our strategic investor community. Barclays, Bpifrance and CLSA provide both capital and strategic leverage which will enable Symphony to further accelerate the growth of our network, and create comprehensive workflow capabilities with our open and secure platform,” said David Gurlé, founder and CEO of Symphony. “As our enterprise customers increasingly migrate their users to Symphony, we are seeing a shift from legacy tools to our platform. Our customers are choosing Symphony to build their digital transformation initiatives, taking advantage of streamlined enterprise workflows.”
On the heels of Symphony’s third anniversary, this investment marks exceptional growth for the company which saw a rapidly growing customer roster, increase in user adoption and strategic partner momentum. Over the past year, the company has grown its global presence significantly, opening offices in Tokyo, Japan; Stockholm, Sweden; and Sophia-Antipolis, France to both service its growing community of users and tap into global technology talent.
“We are excited to support the growth of Symphony with this investment,” said Guy Saidenberg, Head of Distribution and Structuring at Barclays. “Symphony’s unique, secure and compliant workflow platform has the potential to drive meaningful transformation in our industry for us and our clients.”
“The team at Symphony is revolutionizing the way the business world communicates,” said Paul-Francois Fournier, executive director of Innovation, Bpifrance. “Symphony has received tremendous interest from every industry for its game-changing technology. We are excited to support Symphony’s next stage of growth, in particular to ensure the success of its new research and development center in Sophia-Antipolis.”
“As the first Asia-headquartered institution to deploy Symphony across its global network, we have seen the benefits Symphony brings to improving communications throughout our business,” said CLSA’s Global CIO, Max Nam-Storm. “We believe Symphony’s workflow platform is highly differentiated and disruptive to the industry and for this reason we have invested into Symphony; to ensure the company’s growth momentum and to actively contribute to the Symphony community in Asia.”
Symphony transforms the way users communicate effectively and securely with a single workflow application. Forging a new path in the industry, Symphony is designed to help individuals, teams and organizations of all sizes improve productivity, while meeting complex data security and regulatory compliance needs. Symphony was founded in October 2014 and is headquartered in Palo Alto, CA, with offices in New York, Hong Kong, Singapore, Tokyo, Stockholm, Sophia-Antipolis and London.