Hatsize raises $5M to let businesses try new tech before they buy it

Hatsize, a service that helps companies demo and test new technology, announced today that it has raised $5 million in its first round of funding to execute its plans for aggressive global expansion.

The company’s cloud-based service hosts demos for new technologies. So instead of a company having to send out representatives or potential customers having to take the time to set up a new product — such as a new type of database or customer resource management software — vendors and prospective customers can use Hatsize’s program to handle all the heavy lifting.

There are a number of potential uses for the service, but the largest is providing companies with demonstrations and setting up training sessions for complex programs and hardware — like those found in medical services. Businesses have already logged more than 1 million hours using the web service.

Hatsize became profitable in 2005. Its only other funding came from a seed funding round in 2001, when it raised $700,000. The Canadian company was founded in 2000 and has between 30 and 50 full-time employees. The most recent round of fundraising brings Hatsize’s total funding up to $5.7 million.

[Photo: TechCocktail]