New Funding, Customers for Velosel

Provider raises $10 million; Clorox, others sign up for collaborative product information management solution

Mountain View, CA — May 29, 2003 — Software company Velosel this week reported that it has raised new funding and signed up a trio of new customers for its collaborative product information management (CPIM) applications.

The provider said it had secured $10 million in its Series C round of funding, which was led by Levensohn Venture Partners. Mobius Venture Capital, Pacific Partners and Walden International also participated in the Series C round.

Velosel said it would use the new funds to further the development of its CPIM products and to expand its sales and marketing efforts.

Velosel said its CPIM applications combine item data management capabilities with business process automation that ties together the human stakeholders and the business systems, facilitating intra- and extended-enterprise collaboration. The solutions are intended to enable manufacturing and retail organizations to create and maintain an enterprise data repository, an easily accessible, accurate "single version of the truth" for all product information across the enterprise.

CPIM applications also enable synchronization of product data with business partners. This process, referred to as global data synchronization (GDS), is the means by which product information stored by one company matches the corresponding data in the systems of its business partners, forming a fundamental building block for a collaborative supply chain.

In addition to the new funding, Velosel announced three new customers, including The Clorox Co., a manufacturer of consumer products with fiscal year 2002 revenues of $4.0 billion; E. & J. Gallo Winery, one of the largest winemaking operations in the world, with more than 4,600 employees; and Wyeth, one of the world's largest pharmaceutical and health care products companies, with more than 52,000 employees.

"Our decision to focus development efforts on the CPIM needs of the consumer goods industry almost two years ago has proven extremely successful," said Glenn Abood, president and CEO of Velosel. "Many companies are seeking the direct benefits that CPIM can deliver for improved margins, increased sales and enhanced relationships with trading partners."