Investors placed more than $136.5 million with B2B startups this past week, and while investment targets were diverse (including B2B eCommerce and small business lending), the bulk of the funding landed at companies focused on enhancing businesses’ ability to assess their performance. Business intelligence is a common theme in this week’s B2B venture capital (VC) roundup, with many startups deploying artificial intelligence (AI) and sophisticated data analytics technologies for their business customers. The rundown of the latest funding rounds is below.
While Florida’s Fattmerchant provides consumer payment capabilities, enabling merchants to accept present and not-present card transactions, the company also focuses on back-end services to help these business customers manage and assess the strength of their companies. This week, Fattmerchant announced $10.5 million in funding led by Fulcrum Equity Partners. A press release said the Series C funding will be used to focus on its product launch later this year. The startup’s payment platform integrates with QuickBooks Online to connect accounting and billing, and uses API technology to aggregate data across the channels through which businesses accept payment, to provide a holistic view of finances for business users.
Based in China, data analytics firm Kyligence announced $15 million in Series B funding this week led by Eight Roads Ventures, while Redpoint Ventures, Cisco, China Broadband Capital and Shunwei Capital also participated. Kyligence said in its press release that the funds will be used to focus on sales and marketing of its analytics services for businesses. The company deploys AI, machine learning and other tools to enhance analytics by automating data preparation and management. Its tool relieves analysts of manual tasks, the company explained, allowing them to focus on more strategic initiative.
With its focus on artificial intelligence, SWIM.AI, based in California, landed $10 million in Series B funding this week, led by Cambridge Innovation Capital, reports said. The firm deploys AI technology to provide corporate customers with business intelligence software. The company offers machine learning, edge computing and data analytics technology to deliver insights in real time. SWIM.AI said the funding will be used to launch a research and development center in the U.K., focus on product development, and enhance sales and marketing efforts.
Washington state’s Seeq Corporation just raised $23 million in Series B funding for its Industrial Internet of Things (IoT) analytics software. The company provides manufacturers with technology to analyze and predict insights, and boost efficiency. The tool can run on-premise or in the cloud, with Seeq targeting the specialty chemical, oil and gas, pharmaceutical, utility and renewable energy markets. Altira Group led the investment, while Chevron Technology Ventures, next47, Second Avenue Partners and other existing backers also participated, a press release said. The company did not say how it plans to use the funding.
Virginia’s Verodin announced $21 million in Series B funding led by TenEleven Ventures and Bessemer Venture Partners, a press release said this week. Capital One Growth Ventures, Citi Ventures and existing backers also participated in the investment for the cybersecurity analysis company. Verodin offers a Security Instrumentation Platform (SIP) that assesses the effectiveness of corporates’ existing cybersecurity tools and strategies, including tools that safeguard email and cloud networks. Verodin said it will use the investment to continue the development of its platform, add new staff and focus on global growth.
A $20 million Series B funding round for California’s Openpath will be used to focus on product innovation, enhancing its workplace and employee security solutions. The company allows employees to use their smartphones to enter its offices, deploying encryption technology to safeguard the devices. Business managers, meanwhile, are provided a dashboard to manage access to buildings. The funding was led by Emergence Capital, while all existing investors also participated, according to HR Technologist reports.
Indonesia-based Bizzy secured $8 million in pre-Series B funding, said reports in Dealstreet Asia, citing unnamed sources. And while Bizzy has not confirmed the investment, reports said Sinar Mas Digital Ventures led the investment in the B2B eCommerce platform. The funding follows $2.5 million raised in 2015, which was led by Ardent Capital.
In another show of support for B2B eCommerce, investors have backed India’s Kobster, an online procurement solution for businesses to purchase office suppliers. Japan’s Incubate Fund led the investment round, though, according to reports in VCCircle, the company did not disclose how much it raised. The pre-Series A funding also saw LetsVenture, Angel Network Middle East and Chandigarh Angels Network as participants. Reports said Kobster did not reveal how it plans to use the funding, either.
India’s alternative small business lending platform OfBusiness raised $29 million in Series C funding, reports in DEALSTREETASIA said this week. Creation Investments and Falcon Edge Capital led the funding, while existing backers Matrix Partners India and Zodius Capital also participated. The company said it will deploy the funding to enhance its financial leverage and focus on growth. The company currently counts Kotak, Tata Capital, RBL Bank and Northern Arc as lending partners that have provided secured debit lines to the company.