Conformia Closes $7M Series B Financing to Fuel Commercialization of Conformance Software for Regulated Process Industries.
Conformia Software Inc., the leader in Product Conformance Management (PCM) software for regulated process industries such as beverage alcohol and life sciences, today announced the close of a $7M Series B financing. Foundation Capital led the round with full participation by Sequoia Capital, the lead Series A investor.
"Conformia is coming off a highly successful 2003, and highlights included our initial product launch, delivery and deployment; the securing of customers in both our key vertical industries - beverage alcohol and life sciences - and the scaling of our product development process," said Joe Prang, chairman and CEO. "The strong support of two top tier venture firms is a clear demonstration of the overall progress of the company. With additional resources and our customer success, we are now funded to significantly ramp up - in turn offering our customers a compelling, high growth opportunity from a stable, well funded supplier."
"Our Series B financing exceeded our goals for the amount of funding and the post money valuation. Nearly tripling our post money valuation for Series B versus Series A is a clear demonstration of the overall progress of the company."
Foundation Capital is known for its established track record of success in enterprise software with previous investments in companies such as CommerceOne, Documentum, Interwoven and Pure Software. Paul Holland, general partner for Foundation and former executive with software firms such as Kana, and Pure Software (Rational) has joined the board of directors. "Conformia enjoys that rare combination of an industry veteran team, addressing a new large untapped opportunity, with a unique approach," says Holland. "We identified compliance / conformance software as a significant growth opportunity and feel Conformia will be a leader in that arena."
Sequoia Capital has its own successful track record of enterprise software investments including Oracle, Documentum and Google. Sameer Gandhi, general partner and Conformia board member, commented "Conformia has made tremendous progress in a short period of time. Its timing to enter and develop the market in its target verticals couldn't have been better."
ABOUT CONFORMIA SOTWARE
Conformia develops and markets Product Conformance Management (PCM) software solutions to regulated, process industries. PCM enables businesses to control and optimize the business, scientific, and compliance characteristics of their products. Conformia markets industry specific solutions to the Life Sciences and Beverage Alcohol industries. Conformia's solution improves product quality and integrity; enhances operational visibility and traceability; and decreases product and compliance related costs and risks. The company is headquartered in Redwood City, CA.For more information, please visit www.conformia.com.
About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of nVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube and Dominic Orr and Keerti Melkote of Aruba Wireless Networks. To learn more about Sequoia Capital visit www.sequoiacap.com.
