A year ago, InfoCruiser Inc. raised $10.2 million in venture capital and was featured in Deal of the Week. Here is an update on the company:
After raising a second round of funding last year, InfoCruiser worked to retool its database-optimization software by focusing on how corporate software and databases work together. In July, the company changed its name to Appfluent Technology and named a new chief executive, Frank Gelbart, who was the company's vice president of sales. He replaced Paul Conley, who is now chief technology officer.
"I spearheaded the effort because I've got a deep technology background," Conley said, "and here's a guy with almost 20 years of experience" in software sales.
Most of the $10.2 million raised last year was to fund the company's sales and marketing efforts, which have brought the firm five corporate customers. The customers use Appfluent's software to make their database applications run more efficiently, without having to spend the money to radically upgrade their systems.
"They were able to get more life out of their existing investment," Gelbart said.
Gelbart said the company will begin looking for a third round of funding early next year as it continues to focus on sales and marketing. The next round will probably be about the same size as the company's two previous rounds -- between $8 million and $10 million each. And he said he has the support of Appfluent's current backers, including the Carlyle Group, which recently raised $600 million for U.S. venture investments.
"We've got very strong investors that are supportive of what we're doing," Gelbart said.
-- Nicholas Johnston