Volometrix Raises $12M in Series B Funding to Triple Headcount
VoloMetrix has secured $12 million in financing for its cloud-based platform that provides actionable insights to help with improving organizational productivity.
The Seattle-based enterprise analytics solutions provider on Monday said the financing will be used expand product development, hire additional staff and drive strategic initiatives and go-to-market approaches.
Split Rock Partners led the Series B funding round, with participation from Existing venture capital firm Shasta Ventures. This investment brings the company’s overall funding to date to $17 million.
The company plans to use the additional funds to triple its headcount from 20 to 60 within the next 12 months. VoloMetrix co-founder and CEO Ryan Fuller told Talkin’ Cloud in an interview that this will allow the company to meet growing demand from Fortune 500 companies and larger enterprises.
“We have seen tremendous traction in customers using the product to increase sales productivity by deepening their understanding of sales activities and customer relationships, and using it for organizational simplification by understanding the cost of processes, meetings and bureaucracy in their businesses,” he said.
In addition, VoloMetrix will also invest “deepening capabilities in both sales productivity and organizational simplification which will include the integration of additional data sources and corporate collaboration platforms, increased configurability and user experience enhancements to make the output as relevant and easy to consume as possible,” Fuller said.
“We constantly work with existing clients to better understand their needs and roll out new features that will enhance their overall performance of our products,” he said.
Fuller said he doesn’t expect to acquire any additional financing in the near future. He anticipates reevaluating financing needs and options in 12-18 months.
As part of the deal, Jim Simons, founder and managing director at Split Rock Partners will join the VoloMetrix’s board of directors to consult the company’s leadership team. He currently already serves on several boards including Guardian Analytics and InsideView.
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