SAAS-based channel data services provider InfoNow has raised $6 million in venture funding, the company announced.
InfoNow, which collects, processes and enriches channel sales and inventory data for companies that sell through channel partner networks, said it would use the proceeds to further invest in product development, marketing and sales activities.
InfoNow restructured its organization in early 2006, moving its offering to a software-as-a-service model, a change that enabled it to reduce operating costs and broaden its market opportunity, the company said in a statement.
The company also has expanded its product offering since then, adding solutions for managing rebate, pricing and sales credit assignment data, and point-of-sale and inventory data.
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The company's current customer base includes Advanced Micro Devices and Polycom. Venture investors Sequel Venture Partners and Sevin Rosen Funds led the round of funding and InfoNow will add a partner of each venture company to its board of directors.
"With this investment from Sequel and Sevin Rosen, we can now more rapidly deliver on our product road map and continue to deliver innovative on-demand solutions that drive significant value for our customers," said Mark Geene, CEO of InfoNow, in Denver. "We will also expand our investments in sales and marketing with the goal of further accelerating our growth and leadership in the emerging market for channel data services."
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