Tempe, AZ September 25, 2002 Money may be tight in the tech sector, but a select number of software companies are still attracting attention and funding from the venture capitalists.
On the heels of funding announcements earlier this month for food industry solution provider Agribuys and transportation planning specialist Velant, this week brought news of capital infusions for SupplySolution and Vastera.
SupplySolution, a provider of supply chain execution applications for manufacturing, distribution and supplier organizations, raised $9.5 million in funding from The Sprout Group, Enterprise Partners and Sigma Partners.
This brings to about $64 million the total investment in SupplySolution, which said its i-Supply Service is one of the most widely used fulfillment solutions in the manufacturing industry, providing real-time inventory visibility between trading partners at multiple layers within the supply chain.
The company said it will use the capital to continue to penetrate the automotive industry in the United States and Europe, and to expand into new markets such as life sciences and industrial manufacturing. In addition, the company will make further investments in its i-Supply Service to broaden its suite of offerings.
"This additional funding is an acknowledgment of SupplySolution's strength and a significant endorsement of our product, as well as recognition of our business model and experienced management team," said Edward Molkenbuhr, the company's newly appointed president and CEO.
Meanwhile, Dulles, Va.-based Vastera, a provider of solutions for global trade management (GTM), has secured a $19 million credit facility from the technology and life sciences division of financial services company Comerica.
The facility includes a $10 million line of credit, a $5 million equipment loan and a $4 million term loan.
Vastera said its GTM offerings are designed to help companies move goods across international borders more quickly and cost effectively, while helping them to comply with the country-specific trade rules and regulations. Vastera was founded in 1992 and became a publicly traded company in 2000.
"Our mission is to work with innovative companies, both emerging ventures and more mature firms like Vastera, to help facilitate their continued growth," said April Young, senior vice president and managing director of Comerica's Mid-Atlantic Technology and Life Sciences Division.
"One of the challenges of rapid company growth is ensuring you have the resources in place to sustain and build on that growth over the long term," said Phil Balsamo, Vastera's chief financial officer. "This credit facility will assist us in continuing to redefine the global trade management space."