Huntersville-based InfraSight Software Corp., a software and data sciences startup, is making changes to its operations after raising $1.165 million in new funding late last month.
The round was led by InfraSight's chairman and an early-stage investor, Bob Lerner, said Tim Martin, CEO and co-founder of the company. A group of angel and seed investors including Jeff Spalding, an adviser on InfraSight's board, also participated.
InfraSight was co-founded by Martin and Sandy Atwell, the company's chief business officer. It develops software to power hybrid IT and multi-cloud business decisions in the C-suite.
Martin told CBJ InfraSight has already used the capital to expand its leadership team. The company welcomed Myles Trachtenberg, an experienced senior business executive, as chief technology officer. It also tapped Matthew Abarbanel as chief architect. Abarbanel previously helped manage technical aspects of the Beats Music launch, among other notable roles.
InfraSight, founded in 2017, expects to use the capital raise to support go-to-market initiatives with several existing key partners and commercial relationships, Martin said.
"We pride ourselves on being a trusted, strategic partner," he said. "Our partners often engage us on their largest accounts or important strategic initiatives. ... Over time, our investment in them and their success forges invaluable and long-lasting relationships."
InfraSight has been working on a SaaS-based cloud navigation and management system, which the startup refers to as the InfraSight platform. The system collects a company's siloed usage metrics, metadata and costs. It then transforms the complexity of utilizing various environments into "value-creating intelligence and insights," the company said.
With the new funding, the startup aims to enhance its platform to meet the growing demand of its services.
The company also expects to launch an updated corporate website by the end of the first quarter and its next-gen platform in the second quarter.
InfraSight said it believes a cloud navigation system is imperative to navigate the present and future environment.
The software company has raised more than $2.5 million since it was founded. Martin said InfraSight is ready to raise roughly $8 million more from strategic financing partners to keep pace with the demand of its platform.
Moving forward, the startup is on a mission to expand its presence in the IT and financial ecosystem, as well as add local, highly skilled engineering and data science talent to its team.
