Venture Capital News: Zylo Pulls In $3.3M Seed Round
INDIANAPOLIS, IN, Zylo, a SaaS optimization platform, today announces $3.3 million in seed funding.
The round included a variety of institutional and individual investors, including: High Alpha Capital, GGV Capital, SV Angel and SaaS industry leaders Interactive Intelligence founder and CEO Don Brown, ExactTarget co-founder Peter McCormick and former Baker Hill co-founder and President Mark Hill.
'With SaaS spending surpassing $200B per year, we see an enormous opportunity for Zylo to become the definitive software platform that organizations rely on to better manage and optimize their mission critical SaaS investments,' said Eric Christopher, Zylo's CEO. 'We're thrilled to be working with such an impressive group of Silicon Valley investors, SaaS experts and software luminaries who are committed to help us achieve our big vision for the future of SaaS.'
Zylo will use the funds to grow its sales, marketing and engineering workforce, as well as expand its platform, which provides insights into spend, utilization and user feedback for companies' SaaS subscriptions. The Indianapolis-based company will be hiring engineers with specific expertise in data science and machine learning.
'The cloud is by far the most impactful technology trend for the enterprise today,' said Don Brown, Interactive Intelligence CEO. 'We saw this at Interactive Intelligence through our own transition to the cloud, and I'm thrilled to be partnering with Zylo as they pioneer this new category of software that enables organizations to better manage and optimize their cloud investments.'
'Having known Eric while he occupied various executive positions at a number of high-performance SaaS companies, I can attest to his strong character and leadership,' said Scott Dorsey, Managing Partner at High Alpha. 'We are very excited to be working with Eric and his impressive team of employees and investors to build a remarkable company that provides significant value to enterprises and SaaS providers alike.'
Gartner predicts the worldwide public cloud services market to grow 16.5 percent in 2016 to total $204 billion. This growth has surfaced new challenges Zylo's product intends to solve for the enterprise.
'At GGV, we take a global approach to identifying the next major shifts in tech and enterprise software,' said Jeff Richards, Managing Partner of GGV Capital, a seasoned investor in leading SaaS companies including Slack, Domo, and Zendesk. 'We are thrilled to be a part of Zylo's growth and believe their vision will put them at the forefront of an impending evolution into the next generation of SaaS.'
Zylo, launched in June of 2016 out of High Alpha Studio, also announced earlier this year an integration with identity-leader Okta. Zylo customers include: Appirio, Zendesk, Smartling and Power Reviews.
Zylo is the leading SaaS optimization platform that transforms how companies manage and optimize the vast and accelerating number of cloud-based applications organizations rely on today. The platform provides an online command center for all cloud-based software used across a company, giving an organization visibility into what software is used, how much is spent and how to optimize their cloud software investments. Visit zylo.com for more information.
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