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News >> Technology >>
Evoxis raises $4M in Series B
By siliconindia staff writer
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Wednesday, 10 March 2004, 20:30 IST
CALIF: Evoxis, a provider of software that automates emergency communication, said that it has raised $4 million in its Series B round of financing. Evoxis' chief executive officer Mohan Ramani said the company intends to close the round on or before April 15 with $5 million.
The investment comes from undisclosed new and existing individual investors. No venture capital firms participated in the round, but Ramani said that he has held meetings with a couple of firms over the last six months. The company may be looking to bring in VC firms in the next round, depending on the timing and the capital requirements.
Fundraising for the Series B round has taken over a year to complete. An initial $2 million came in early to mid 2003, and then another $1 million was committed in the fall of 2003. In the first 30 to 45 days of 2004, the company raised another $1 million.
The proceeds from the round will be used to expand sales and marketing, Ramani said. Another 10 employees will be added through the end of the year to the company's staff of 27.
Evoxis' Prodiget software system allows customers to create and automate emergency messages and monitor the delivery of those messages. Ramani said that the product is intended for use among a variety of industries, but the company is directing its marketing efforts towards municipal, state, and federal agencies.
Within the next few weeks, the company plans to make several announcements concerning two new products and customer agreements. To date the company has serviced 12 customers.
In April 2002, the Pittsburgh-based company announced that it had completed its Series A round with $2.2 million.