Visiprise receives $16 million in new funding
Aug 03, 2005
Visiprise, Inc. has announced it has closed on a $16 million round of funding led by Investor Growth Capital (IGC).
This oversubscribed, second round of funding brings total company funding to $18.3 million. In conjunction with the round, IGC's Noah Walley and Phil Dur will join Visiprise's board of directors.
"This round of funding will enable Visiprise to quickly capitalize on our development and delivery of a true global manufacturing platform that today offers companies as much as a tenfold return on their manufacturing IT investments," said Sean McCloskey, president and chief executive officer of Visiprise. "We see our ability to attract blue-chip investors in this round of funding as a strong endorsement of the company we have built over the past few years."
McCloskey said the new funding will be used to fuel expansion in Asia, which has already proven to be a lucrative market for the company. Visiprise will also increase its investment in the collaborative development work needed to accelerate its partnership agreement with SAP AG, under which the two companies offer a turnkey business software solution based upon SAP NetWeaver to the discrete manufacturing markets. In addition, McCloskey said the funding would be used to make future acquisitions.