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News >> Technology >>
Shekhawat founded Fieldglass Raises $11 M
By siliconindia staff writer
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Friday, 21 January 2005, 20:30 IST
CHICAGO: Fieldglass Inc., today announced an $11 million round of funding, led by new investor Grotech Capital Group. Existing investors BlueStream Ventures, StarVest Partners, and HLM Venture Partners also participated in the oversubscribed round.
Fieldglass has established itself as the premier software solution provider in the field of services procurement, which is a corporate function that is only growing more important and complex in todays business environment, said Patrick Kerins, general partner with Grotech Capital Group and a new member of the Fieldglass board of directors.
Fieldglass has demonstrated the ability to predictably deliver significant savings and operational value to its clients.
Fieldglass is the leading provider of services procurement software solutions. Its application, InSite, is a Web-based, hosted solution platform that enables companies to more effectively manage the complexities of global services procurement.
Fieldglass customers include some of the worlds largest firms in industries such as financial services, telecom, pharmaceuticals, engineering, technology,healthcare, and manufacturing.
The additional capital will be used to support a significant expansion of our sales and marketing initiatives, and help maintain our product leadership position, said Jai Shekhawat, Fieldglass CEO and cofounder.