BANGALORE: Capillary technologies, a Bangalore-based cloud customer engagement solution provider, progresses to solicit $15 million from its existing investors- Norwest Venture Partners, Qualcomm ventures, Sequoia Capital and American Express Ventures, which  is likely to be completed by mid July.

A Capillary technologies official said, “Several new investors had shown interest to invest in the company and the management received term-sheets from others. But they have good relationship with the existing investors and so they decided to stick to them,” reports Business Standard.

He further added, “American Express Ventures had entered into a strategic partnership with Capillary Technologies a few months ago. So, in that sense, they are not a new investor.”

Capillary Technologies had raised $15.5 million from Norwest Venture Partners, Qualcomm Ventures and Sequoia Capital. Subsequently, American Express Ventures made their prime strategic investment of $4 million into Capillary Technologies.

Aneesh Reddy, co-founder and CEO of the company, had earlier commented, “Currently, we are self-sufficient and don’t need money. With the $20 million raised so far, we are quite well-placed. This is a high-margin business (accounting for about 65 per cent of the gross margins) and our churn is sub-10 per cent, which makes us quite comfortable. We will look at series-B funding in early to mid-2015.”

The company attempts to broaden its boundaries for over a year and schemes to utilize Series B funding in executing the purpose.

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