Cloud X Partners, a Gig Harbor, Wash.-based company which operates the Insynq and CloudRunner product lines, secured an undisclosed amount of funding.
The round was oversubscribed from within the existing group of 26 investors, which includes a mix of institutions, family offices, and high net worth individuals.
The company intends to use the funds to:
1) Accelerate the development and subsequent adoption of the CloudRunner platform
2) Further invest in developing the Insynq Desktop-as-a-Service (DaaS) product
3) Ramp up sales & marketing efforts associated with both Insynq and CloudRunner
Led by Elliot Luchansky, CEO, and Craig Jones, Chairman, Cloud X provides:
– CloudRunner, a platform that combines software-as-a-service, desktop applications hosted in the cloud, and cloud hosting to provide virtual workspace environments for small and mid-market enterprises (SMEs). Through a portal, employees can access their accounting, financial, and other business applications – such as QuickBooks and Sage – in addition to their data and files from anywhere at any time on any device; and
– Insynq, which offers Intuit’s QuickBooks software in a cloud environment.
CXP has been established by the private investment firm Elm Equity Partners in conjunction with the firm’s acquisitions of both Insynq, Inc. and CloudRunner, Inc. In addition to the funding, Brad Brown has joined CXP’s Board of Directors.