Pneuron Corporation, a Nashua, New Hampshire-based provider of distributed solutions platform, raised $5m in a Series B-1 funding.
The round was led by Safeguard Scientifics with participation from Osage Partners and Scott Group LLC.
The company, which has raised a total of $13.25m has seen revenue grow at a CAGR of 173% (or comparative revenue growth of 639%) since the last funding round in March 2013, intends to use the capital to scale sales, sales engineering, and implementation efforts.
Led by Simon Moss, CEO, and Elizabeth Elkins, COO, Pneuron provides a platform that allows companies to distribute and manage solution components that work with the diverse elements including applications to machines, devices and sensors and solve traditional problems composed of disparate and distributed data, systems, business processes and analytics across their organization.
The company has been named a 2015 Gartner “Cool Vendor”.