Prashanth V. Boccasam founded Approva secures $15 M fund
By siliconindia staff writer   |   Wednesday, 20 April 2005, 19:30 IST
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VIENNA, VA:Approva Corporation, founded by Indian American Prashanth V. Boccasam has raised $15 million in a series C round of venture capital financing. New investor Sierra Ventures led the round, with participation from previous investors Columbia Capital, New Enterprise Associates (NEA) and Novak Biddle Venture Partners. The new investment brings Approva’s total funding to over $30 million, the largest investment in the enterprise controls software marketplace. “We believe that compliance and business improvement software is an enormous growth market, and after looking at this sector, we are convinced that Approva’s team, vision, impressive customer traction and scalable architecture is the best combination we’ve seen,” said Tim Guleri, managing director, Sierra Ventures. “By analyzing information across multiple financial systems such as SAP, Oracle and PeopleSoft, Approva’s approach is breaking new ground, giving financial and business managers unprecedented insight into their business, and we’re excited to be a part of this growth opportunity.” “Attracting an investor of the caliber of Sierra Ventures is strong validation of Approva’s strategy and customer acceptance,” said Prashanth (PV) Boccasam, CEO of Approva. “Our recent customer wins, such as General Motors, Siemens Westinghouse, DirecTV and many others, are proof that Approva is fast becoming the industry’s leading choice for continuous monitoring of controls and business processes. Our scalable, application-independent, collaborative platform is helping major companies improve their compliance efforts and their overall cost competitiveness. We are excited about working with Sierra Ventures and welcome Tim Guleri to the Approva team.”

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