Daptiv scores more funding for project management software, continuing on growth trajectory
Still on its quest to become the Salesforce.com of project portfolio management (PPM), Seattle startup Daptiv has raised $9 million more to develop and market its platform to large companies.
PPM, for those of you who haven’t spent much time in a cubicle, refers to the sets of goals, objectives and steps required for completing large projects. In essence, it’s how corporations keep their internal operations ticking along. Given the size and complexity of most modern organizations, PPM is a sizable market, and Daptiv is trying to take it away from providers like Microsoft much as Salesforce took the customer relationship management market from Oracle.
The company has grown its client base by about 100 companies to 800 total since I covered it late last year. However, CEO Jeff Pancottine says that an even more important metric is how many individual users are on the platform; that number has reached 100,000. Daptiv has also doubled in size, to over 100 employees.
Pancottine also pointed to an addition to the company’s platform that allows ordinary users to build forms-based business applications, without any programming knowledge. The company has allowed some partners to test the software out, and is planning a full beta test later this year.
The $9 million round is a second tranche of the company’s second funding, which brings the whole round to $21 million. The investors in this tranche were Bay Partners, Kennet Ventures and Silicon Valley Bank. The company will likely start looking for another round next year. The company is eleven years old, and was recapitalized in 2005, which is when it got its first round of funding to start it off after considerable restructuring.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.
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