Software maker raises $8M in funding
A local software company has closed its most recent round of venture capital funding.
Grand Rapids-based Blue Medora, a company specializing in IT analytics and operations, said today it closed an $8-million series B1 round of financing.
The B1 phase was led by Finance Analysis, a Chicago-based venture capital firm. First Analysis will occupy a seat on the Blue Medora board.
Current investors Lewis and Clark, Grand Rapids-based Wakestream Ventures and eLabs Ventures also invested in this round of funding.
The new investment will allow the company to continue to innovate delivering IT monitoring integration as a service, expand its global reach and accelerate its leadership position in the industry.
"Over the past year, we've seen increasing interest from our customers and partners to move away from traditional point-to-point integrations and adopt our integration software as a more comprehensive service," said Nathan Owen, co-founder and CEO, Blue Medora. "The closing of the series B1 is another sign that the industry continues to recognize our unique capability to deliver enterprise-class integration in new ways that the market demands."
Howard Smith, managing director, First Analysis, said IT operations teams and monitoring platform vendors are both “challenged to find easy, scalable ways to collect operational IT data from emerging technologies as quickly as they appear, whether in the cloud or on premises.”
“Blue Medora has a clear vision for the future of this market and is uniquely positioned to re-shape how IT monitoring integration is delivered and consumed,” Smith said.