Innotas, a project portfolio market company, gets $6M boost

Innotas, a company offering something called project portfolio management (PPM), has raised $6 million more in funding.

PPM is software designed to help groups tackle projects, with an eye toward managing resources and meeting goals. Where Salesforce has become a titan from selling customer relationship management (CRM) software to sales divisions at big firms, Innotas and others hope to fatten from peddling PPM to the rest of the company. Both CRM and PPM are broadly categorized as software-as-a-service (SaaS), a ballooning market.

Innotas has several dozen clients, some of whom are listed here, including large companies like Gannet and T-Mobile. The company also claims it grew by 400 percent last year. However, it still appears to be severely outweighed by Daptiv (formerly eProject), which told me late last year that it had over 700 customers.

Several other companies, including AtTask, QuickArrow and TechExcel, are all competing for a similar customer base, so it seems likely that one will emerge as a clear winner within a few years.

The $6 million funding was provided by existing investors ArrowPath Venture Partners and Velocity Interactive Group, which appears to be taking the place of its predecessor ComVentures (interestingly enough, Innotas brought on no new venture investors). Its last round, for $5.5 million, was completed in late 2006. Innotas is based in San Francisco, Calif.