Pneuron Corporation, a Nashua, NH- and Woburn, Mass.-based provider of a platform that accelerates creation, deployment and management of new products, analytics and operational best practices, closed a $6m Series B financing.
The round was led by Safeguard Scientifics, Inc. (NYSE:SFE), which made a $5m investment and now holds a 27.6% stake in Pneuron, with participation from existing investor Osage Venture Partners, which contributed the remaining $1m.
Led by president and CEO Simon Moss, the company provides an enterprise-class suite that enables enterprises to build, deploy and manage distributed analytics, applications and operating models directly against source systems and centrally integrate insights. Pneuron, which is initially focused on complex areas of financial services, including global regulations, risk, conversion management and revenue generation, is also gaining traction in insurance and healthcare with emerging partnerships.
The company intends to use the capital to develop industry partnerships with systems integrators and independent software vendors such as PwC, expand into healthcare and other industry verticals, and hire additional sales and business development representatives.
In conjunction with the funding, Philip D. Moyer, Managing Director, Technology at Safeguard, is joining Pneuron’s board of directors.