Newmerix Raises $7 Million in Series B Financing
We provided Newmerix’s seed financing – with IDG Ventures – in early 2003. The vision of the founders – Niel Robertson and Ed Roberto – was to create a family of software products that take an entirely new approach to addressing the issues faced by packaged application development teams. As packaged applications – such as Peoplesoft, Oracle, SAP, and Siebel – have become increasingly widespread throughout enterprises, the teams within IT organizations who are responsible for modifying, testing, deploying, and supporting these packaged applications have been hindered by tools that are fundamentally inadequate for the job. Newmerix’s products take a revolutionary new approach to helping these folks who are impacted by the inability to easily implement changes to their packaged application infrastructure.
We funded a first round with IDG in the summer of 2003. I’ve been thrilled with Newmerix’s progress – they launched their first product in February 2004 (less than 12 months after the seed financing – a short time for an IT Management software company) and landed their first reference customer in May.
They’ve had a great summer – both adding customers as well as completing a solid financing that will enable us to focus on growing the company to the next level. We were also able to convince Wendy Lea – a superstar entrepreneur that we’ve worked closely on several companies – to become chairman of the company. Wendy most recently was a senior exec at Siebel running their eBusiness Consulting unit after they acquired Wendy’s last company – OnTarget.
Newmerix’s currently shipping products are for Peoplesoft, so if you know anyone running Peoplesoft that might be interested in Newmerix’s products, please send them our way.