Approva garners $5M
Date: Wednesday , February 16, 2005
Approva Corporation, a provider of enterprise control management software for ERP-enabled business processes, has raised $5 million financing in a combination of growth capital and lines of credit from Silicon Valley Bank and Gold Hill Capital.
Established in January 2002, Approva is redefining the Enterprise Controls Management market to help companies move beyond mere compliance documentation.
“In addition to the support of major investors such as NEA, Columbia Capital and Novak Biddle, we are delighted to expand our relationship with Silicon Valley Bank and Gold Hill. This additional capital will help us accelerate our sales, marketing, services and product expansion as we kick off another year of strong growth in 2005,” said Prashanth.V.Bocassam, President and CEO of Approva.
“Having worked with Approva since inception, we are pleased to support the company’s growth plans through new financing,” said Shawn Goozman, senior relationship manager, Silicon Valley Bank’s Northern Virginia office. “Silicon Valley Bank’s mission is to help entrepreneurial technology and life science companies prosper, so we are proud of Approva’s success and are pleased to extend our relationship with the company.”
As the founder and CEO of Approva, Prashanth V. (“PV”) Boccasam drives the overall strategy and vision of the Approva Corporation. With increasing government regulations around internal controls, such as The Sarbanes-Oxley Act of 2002, the company is focused on delivering enterprise controls management software solutions that enable continuous monitoring of business processes with ERP systems.
Headquartered in the Northern Virginia Technology Corridor, privately-held Approva is led by Prashanth V. (“PV”) Boccasam and a management team with deep business, technology and software industry experience. The company recently raised $8.05 million in a Series B round of investment that included the participation of all prior investors. Since its founding in January 2002, Approva has raised approximately $15 million in venture financing.