Unless they're ready to unveil what they've been working on, it's unusual for startups in stealth mode to make big funding announcements.
But TigerEye Labs Inc. did the latter but not the former Thursday, revealing it's raised $30 million in a Series A deal without saying exactly what it's developing. Instead, the San Francisco company merely offered a hint that it's working on sales software that's going to be targeted at enterprises and will likely employ machine learning.
The software "will help companies make better strategic decisions," TigerEye founders Tracy Young and Ralph Gootee said in a note on the startup's website. "We know this all sounds a little vague right now," they continued, "but bear with us. Sales teams are going to love our products."
Even if TigerEye remains in stealth, it still could be a company to keep a close eye on. Young and Gootee previously founded PlanGrid Inc., a provider of construction planning software. Autodesk Inc. acquired their San Francisco startup in 2018 for $778 million.
Additionally, as part of its new funding round, TigerEye announced it's added Garry Tan to its board of directors. Tan is currently a managing partner at Initialized Capital, which co-led TigerEye's new deal. But he will become CEO of Y-Combinator, the Mountain View startup accelerator that gave an early boost to companies including DoorDash Inc. and Airbnb Inc., at the end of the year.
"We're thrilled to welcome Garry Tan to TigerEye's board of directors," Young, TigerEye's CEO, said in a news release. "He has a proven record of leadership and a real passion for helping to nurture tomorrow's world-changing companies."
The startup plans to use its new funds to built out its operations, invest in its team and further develop its software, a company representative told the Business Journal.
Read on for more on TigerEye's new deal and other Series A news from this past week:
TigerEye Labs Inc., (dba TigerEye), San Francisco, $30 million: Initialized Capital and Next47 led the round for this stealth developer of sales software.
UI Flow Inc. (dba Uiflow), San Francisco, $15 million: Addition and Transpose Platform led the round for this provider of a no-code app development service. Together Fund also invested.
Standard Euler Inc. (dba Flair), San Francisco, $7.6 million: Active Impact Investments and Lowercarbon Capital led the round for this maker of "smart vents" and wireless thermostats for heating and cooling systems. SOSV, Skyview, Resilience Capital Partners, Shell Ventures, Susquehanna Foundation and 3M Ventures also invested.
