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Approva secures $14 Million to accelerate growth
By siliconindia
Bangalore: Prashanth V. Boccasam founded Approva, a provider of continuous controls monitor software to the commercial auditing firms and businesses, has secured $14 million from the investment round provided by Columbia Capital, New Enterprise Associates, Novak Biddle, Sierra Ventures and Gold Hill Capital. The amount generated will be used for accelerating company's growth along with investments.
"These additional funds provide operating capital that we will use to launch our next generation of products, expand our sales channel and enhance our marketing programs," said John Becker, Chief Executive Officer, Approva.
The generated money will be invested to launch the company's next generation software products and to fund steps in growing, including expansion of its sales channels and marketing programs.
Approva's applications enable the companies to automatically identify and respond to business exceptions that impact their performance. Through this, companies are able to identify and prevent cash leaks from inappropriate payments, reduce fraud, automate compliance obligations and flag accounting errors when they occur to ensure they do not impact financial statements.
"With organizations looking to squeeze every penny in unnecessary cost and inefficiency out of their operations, CCM [continuous controls monitoring] applications offer an attractive return on investment since they can fund themselves based on the inefficiency and waste they uncover," said Tim Guleri, Managing Director, Sierra Ventures.