Wednesday, June 19, 2019
Technology News
Technology News Delivered Daily
LATEST NEWS

Law Software Platform Litify Raises $50 Million in Series A
Credit: litify.com

Litify, a legal software platform built on top of the Salesforce.com platform, closed a Series A investment of $50 million by Tiger Global Management, LLC, a New York investment firm.

Litify’s software offers an intuitive, integrated, extensible platform featuring custom applications specifically for the legal industry, including client relationship management, document and case management, and internal and external communication.  

Lifty plans on using the financing to expand its offerings to include in-house counsel, as well as a corporate law offering for mid-to-large size firms and an off-the-shelf solution for smaller-sized law firms.

Innoviz Technologies' Series C Funding Closes at $170 Million
Credit: innoviz.tech

LiDAR sensors and perception software provider Innoviz Technologies secured a $170 million Series C funding round, bringing Innoviz’s total funding to date to $252 million.

Innoviz’s perception software is designed to provide vehicles with superior object detection (with 50 times greater efficiency than industry and academic standards), classification, segmentation and tracking technology to complement Innoviz’s LiDAR hardware offerings.

The company plans to use the funding to support several key initiatives, including the enhancement of Innoviz’s perception software.

Hospitality Company Getaway Gains $22.5 Million in Series B
Credit: getaway.house

Getaway, a wellness hospitality company that provides mindful escapes to tiny cabins in nature within two hours of major cities, closed a $22.5 million Series B financing round led by a controlled affiliate of Starwood Capital Group, with continued support from L Catterton and other existing shareholders.

Getaway strives to offer guests the ability to “unplug” from the stress of daily life, reset, and embrace nature. Every minimalist, design-focused cabin is situated in a serene environment where guests are encouraged to recharge and spend time on their relationships with themselves and their loved ones.

Finance Company OpenFin Raises $17 Million in Series C
Credit: openfin.co

OpenFin raised $17 million in a Series C funding round led by Wells Fargo with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan, and Pivot Investment Partners. The Series C round brings OpenFin’s total amount of venture funding to $40 million.

OpenFin’s desktop operating system is designed to enable financial services firms to build new applications with modern web technology while enabling seamless, secure integration with legacy applications. According to the company, the financing proceeds will be used to fund further product innovation, including OpenFin’s new cloud services offering, which enables banks, asset managers, wealth managers, and hedge funds to provide their own private app stores for employees and customers out of the box.

HR Startup Karat Acquires $28 Million in Financing
Credit: karat.com

Karat, a startup conducting technical interviews on behalf of clients, raised $28 million in a Series B funding round led by Tiger Global Management, with participation from existing investors Norwest Venture Partners and 8VC.

According to the company, its interview engineers are experienced software developers who conduct live first-round technical interviews on behalf of clients. They are equipped with Karat’s interviewing infrastructure and data-informed best practices from the company’s structured-interview dataset.

Karat plans to invest the funding in R&D to leverage its structured-interview intelligence to improve its technical interviews for hiring software engineers.

Pharma Platform Phil Secures $25 Million in Series B Funding
Credit: phil.us

Phil Inc., an end-to-end technology platform for distributing and managing specialty prescription drugs, closed a Series B $25 million funding round led by new investor GreatPoint Ventures, with support from Tarsadia Investments, Crosslink Capital, and Uncork Capital.

Specialty medications treat complex conditions such as rheumatoid arthritis and HIV. Phil, a San Francisco-based prescription management software platform, strives to offer a holistic approach and is founded on the principle that, while consistent access to recurring medications is a major user-experience issue, it cannot be solved with just a quick fix to any one point within the system.

Phil has earmarked the funding to fuel company growth, with a focus on hiring technical talent and expanding its geographic footprint.

Real Estate Startup CompStak Gains $12 Million in Series B Funding
Credit: compstak.com

CompStak, a commercial real estate transaction data and analytics provider, accrued $12 million in its Series B financing round. IA Capital led the round with participation from existing investors Canaan Partners, RealPage, Inc., and 500 Startups. The investment brings CompStak’s total funding since its launch in 2012 to $28 million, including a strategic investment from Moody’s in 2017.

According to the company, this funding is the culmination of a tremendous year for CompStak, which began with its partnership with Moody’s Analytics, and included the rollout of CompStak’s Sales Comp platform, the launch of CompStak Analytics, and recent partnerships with DealPath and TransitScreen.

The company plans to use the funding to continue to accelerate growth into new product segments, expand the Exchange platform member base, acquire top talent, and propel revenue and customer growth.

Tealium Raises $55 Million in Series F Funding
Credit: tealium.com

Real-time customer data orchestration leader Tealium closed $55 million in Series F funding led by Silver Lake Waterman, Silver Lake’s late-stage growth capital fund, with participation from ABN AMRO Digital Impact Fund, Declaration Partners, and Parkwood. Tealium received more than $160 million in total funding to date.

Tealium strives to connect customer data across technology stacks and digital assets, including websites, mobile applications, point-of-sale systems, and call centers, enabling data freedom and agility. According to the company, its AudienceStream customer data platform, which launched in 2013, saw a 300% year-over-year increase in visitor profiles created. This purpose-built platform is designed to provide enterprises with a single view of their customers, serving as a secure central point of management across the entire data supply chain. Enterprises can integrate this data with any technology, retail channel, or marketing platform to build better customer experiences, invest in analytics and machine learning, and act on real-time decisions.

The company plans to use the funding to expand its data integration ecosystem, accelerate new product development, and further scale global go-to-market activities.

Brain Imaging AI leader icometrix Raises $18 Million

icometrix, a global expert in brain imaging artificial intelligence solutions, acquired $18 million in a funding round led by Forestay Capital, Optum Ventures, and existing investor Capricorn Venture Partners.

icometrix’s CE-marked and FDA-cleared icobrain software is designed to extract clinically meaningful information from brain MRI and CT scans of patients with neurological disorders including multiple sclerosis, Alzheimer’s disease, dementia, and traumatic brain injuries. According to the company, the icobrain AI solutions are used in 100 hospitals and imaging center networks worldwide, and in clinical studies by four out of the top five pharmaceutical companies.

Local Platform Nextdoor Secures $123 Million
Credit: nextdoor.com

Nextdoor, Inc. (nextdoor.com) closed a $123 million funding round led by Riverwood Capital, with participation from existing investors Benchmark, Tiger Global Management, and Kleiner Perkins, and new participation from a large global asset manager. Chris Varelas, co-founder and managing partner of Riverwood Capital, will join the company’s board of directors.

Nextdoor’s goal is to help neighbors in 236,000 neighborhoods around the globe get connected, stay informed, and help each other in their everyday lives. The platform is extending its reach into Sweden and Denmark, adding to its current footprint in the US, the UK, Germany, France, the Netherlands, Italy, Spain, and Australia.

Quadric.io Gains $15 Million in Series A Funding

Autonomous driving solutions provider Quadric.io closed a $15 million Series A funding round  led by strategic investor DENSO Group Company, NSITEXE, Inc. Leawood VC also participated in the Series A round, and Pear, Uncork Capital, SV Angel, Cota Capital, and Trucks Venture Capital were seed investors.

Quadric.io plans to use the funding in its next phase of building the world’s first supercomputer specifically designed for the real-time needs of autonomous systems. Built around the Quadric Processor®, this plug-and-play supercomputer is designed to enable users to plug in their sensor set and build their entire application to support near instantaneous decision-making.

Xometry Announces $50 Million Equity Raise
Credit: xometry.com

On-demand manufacturing marketplace Xometry raised $50 million in an equity funding round led by Greenspring Associates. Dell Technologies Capital also participated in the round, along with previous venture and strategic investors BMW i Ventures, Foundry Group, GE Ventures, Highland Capital Partners, Maryland Venture Fund, and Almaz Capital. Xometry has raised a total of $113 million to date.

According to the company, Xometry is the largest marketplace for custom manufacturing, providing on-demand manufacturing and industrial supply materials to a customer base ranging from startups to Fortune 100 companies. The company strives to connect customers through its proprietary AI algorithms.