Panaya Raises €6M in Venture Capital Financing

Panaya, a Menlo Park, CA- and Raanana, Israel-based provider of SaaS for automating SAP upgrades while minimizing risks, has raised €6m in venture capital financing.
Investors include Hasso Plattner Ventures, Benchmark Capital and Battery Ventures, which led a $7m series C funding round in the company last June.

Established in 2006, Panaya provides a cloud-computing service that automates software upgrades for ERP applications such as SAP and plans to extend the service to Oracle E-Business Suite users in 2011.

Technically, the web application automatically identifies the errors that will occur as a result of an upgrade, automatically corrects most issues, creates test plans, and estimates the budget for the project. With these detailed simulations, companies using SAP’s software can avoid most of the planning, development, and testing effort traditionally required for such projects.
Customers currently include Bosch, Cadbury, Centrica, The Home Depot, Mercedes-Benz, Newell Rubbermaid, Shell, Sony, and Volvo.

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