Business analytics software provider FusionOps has raised $25 million from venture capitalists and will use the funds to continue developing its supply chain software tools, the company announced Tuesday.
FusionOps, based in Mountain View, Calif., uses database analysis and machine learning tools to help companies improve their forecasts, control costs, and hone inventory levels. In March, the company launched what it called a "prescriptive analytics" tool that it says leverages big data to help businesses make better supply chain decisions.
With the cash infusion, the company will expand its international sales team and increase the size of its engineering department, FusionOps CEO Gary Meyers said in a phone interview.
The company plans to launch software modules focused on logistics, finance, and plant maintenance, Meyers said. The company's existing software modules apply data science algorithms to areas such as procurement, inventory, production planning, and quality.
"We have had a lot of customers ask for a logistics module," Meyers said. "Many companies are good at knowing when a product left their dock, but they also need to know whether it was received on time. So this will improve their visibility."
The tools are designed for companies ranging from a couple hundred million dollars in annual revenue up to large global firms such as pharmaceutical giant Merck and Company Inc., he said.
The investment is a significant portion of the $44 million in funding that FusionOps has claimed since the company's founding in 2005. The money came from new funder Georgian Partners Inc. of Toronto as well as existing FusionOps investors New Enterprise Associates Inc. (NEA) of Chevy Chase, Md., and FusionOps chairman Prabhu Goel.