Razorsight right for $10 M first round funding
Date: Monday , January 30, 2006
Bay Area Venture Capital firm Sierra Ventures has added another company to its portfolio- Razorsight Corporation. Based in Fairfax, Virginia, Razorsight, which received $10 million in first round, was founded by Sundeep Sanghavi in 2001 and provides financial executives with next generation business intelligence software and services to process, manage, and analyze financial data from a single invoice to global expenditures.
Despite being just 5 years old, the company has been profitable right since inception and had revenues of $20 million before the new funding came its way. Sundeep says, “Razorsight was an attractive investment opportunity for Sierra Ventures. We were not a typical Series A investment situation as we have a marquee customer base generating recurring and growing revenues year over year. Moreover, we have an innovative and proven technology that can be applied horizontally across many verticals.”
Speaking about market for the company, Sanghavi says Razorsight’s solutions are attractive to any enterprise whose financial visibility and cost containment are impaired as a result of manual processes to handle invoice payment and reconciliation. “Our most prevalent competition is status quo - that is, we have to convince businesses to automate age old processes for dealing with paper and managing important financial information such as invoices.”
With offices in Bangalore, India and St. Louis, Missouri, Razorsight has 175 employees and the funding will support Razorsight’s continued rapid growth, and expansion of the company’s sales, marketing, and research and development programs.