Led by Ironside Ventures, CXO Systems has raised $7 M in its series B of venture financing. CXO Systems, a leading business visibility software company designed for CXOs is involved in delivering solutions for specific business problems through its patent-pending composite-based application framework.

“The current funding is mainly to boost engineering, sales and marketing,” says Alok Batra, the co-founder and CTO of CXO systems. From this fresh round of funding, CXO Systems will continue to aggressively attack the business visibility software space, a key spending priority for IT departments in 2004 and beyond. The funds will support increased product development efforts and sales and marketing expansion as the company continues to rollout strategic vertical solution modules.

CXO Systems addresses a unique market need in a quickly growing market segment—right time business visibility dashboards. The company’s patent-pending technology and industry specific application modules enable companies to gain greater visibility into key performance indicators and easily react to make real positive changes in their businesses. Based on Web services, the product enables companies to implement these applications in less time and with significantly lower costs than typical business intelligence applications and enterprise application integration (EAI) efforts.

Asked about the priority for technology Batra said, “most of the companies lose their technology edge, when they undergo a transition into the business execution phase in which we are in today. So, we want to make sure with CTO office that we maintain the unfair technology advantage with respect to our competitors.”