Columbus-based predictive analytics solution software catches the eye of PointGuard Ventures, Norwest Ventures and Foundation Capital
Today, Prevedére closed a $4 million deal with Silicon Valley-based PointGuard Ventures for Series A funding that will fuel growth and expand its team. On top of that, an extra $2.7 million was raised by Norwest Ventures and Foundation Capital, both with locations in San Francisco, for investment in the Columbus company. The deals mark a drastic step in Prevedére's success given its initial $300,000 in pre-seed and $100,000 in follow-up investment from Columbus' Rev1 Ventures.
Founded in 2012, Prevedére software makes forecasts by analyzing over one million external data sets such as weather and manufacturing activity in order to help businesses make operational and strategic decisions.
The company's recent success started when Rich Wagner, Prevedére president and CEO, met PointGuard Ventures' Managing Partner Pete Thomas a year ago in Silicon Valley.
Since then, Wagner has sat in on several meetings with PointGuard Ventures to strategize the deal closed today.
"Really (the deal) gives us the chance to attract new customers … and higher key talent," says Wagner.
Although Wagner does not have any plans for new products in the future, he plans to use funds to also enhance the current software solution and support sales and marketing resources as well as development and additional leadership to aid in the company's expansion.
Prevedére Columbus clients include Hilliard-based Advanced Drainage Systems and Upper Arlington-based investment adviser Hamilton Capital Management, while out-of-state companies include AECOM, an international provider of architecture, engineering, design and construction services, and Masonite, a door manufacturer.
The company has worked with approximately 30 customers since its founding and hopes to expand its clientele as it hires 10 more employees by the end of the year to join the current team of 14.