The round was led by New World Angels, Inc., with participation from domestic and European institutional, high net-worth and strategic private equity investors.
The company intends to use the funds as operating capital to deliver its first platform during this summer.
Formally launched on June 1, 2011, and led by chairman and CEO Edward Iacobucci, VirtualWorks is developing a new category of enterprise software, called content virtualization, which is designed to solve the problem of data sprawl.
The company has developed an innovative enterprise information framework, the Virtual Index Architecture™ to contain and reverse the overload of information suffered by organizations of all sizes. The approach works by indexing all types of data and virtualizing the content amassed by companies, so employees can rapidly and securely retrieve files from any application, location or device – whether that data is structured or unstructured, stored in the cloud, or hosted locally.
Customers include more 300 private and public sector organizations in Norway, where the company has offices, Sweden and the United States.