Big data platform Zylo has scored $9.3m in a Series A funding round led by Bessemer Venture Partners.
Other participants to the round included new backers Salesforce Ventures and the Slack Fund, as well as existing investors High Alpha Capital, GGV, SV Angel, and Hyde Park Venture Partners.
As part of the transaction Bessemer Venture Partners’ Byron Deeter will join Zylo’s board of directors. Over the past six years, Deeter has led investments into the IPOs of seven companies, including email delivery service SendGrid, commerce marketing company Criteo, and talent management solution provider Conerstone Demand.
Zylo is a software platform that helps businesses to see how much is spent and how to optimise SaaS and cloud-based technology. The solution is used by the financial services, cloud consulting, pharmaceutical and technology sectors.
Us-based Zylo uses machine learning to search through a company’s real-time expense data to extract all cloud and SaaS related expenses. The platform then helps to manage these platforms and track spending.
The company has integrations with companies including Concur, Expensify, G Suite by Google Cloud, Intacct, Microsoft Office 365, Netsuite, Okta, Onelogin, Salesforce, Slack, and Veeva Systems.
Equity from the round will be used to increase its team size, with a focus on its customer success and engineering teams, Zylo is also looking to expand its platform.
Bessemer Venture Partners partner Byron Deeter said, “The cloud computing revolution is underway, and the next big stage involves more strategic management of cloud investments by leading enterprises.”
This funding brings Zylo’s total funding efforts up to around $12.6m, with the company securing a $3.3m seed round in 2016. Zylo launched from High Alpha Studio earlier that year.
Copyright © 2018 FinTech Global
