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Embotics Secures $8.4M in Financing from VentureLink, Covington, Private Investors
Embotics Corporation, a virtualization and private cloud management, announced that it has closed $8.4 million in equity financing. Bringing Embotics' total financing-to-date to $18 million, this latest round includes $2.5 million from VentureLink LP and $2.5 million from Covington Fund II Inc. (Covington), with the remainder of the funds coming from other private investors. Embotics will use the funding to accelerate global sales and marketing efforts, as well as to hire more software engineers.

This mix of pragmatic growth, strategic marketing and sales investments will build upon the momentum of the past year's 300 percent growth in sales to further strengthen Embotics V-Commander's leadership position in the private cloud management market.

"We continue to support Embotics because of its proven track record of successfully developing products that address the problems in virtual data center environments," said Phil Reddon, managing partner of Covington. "Our experience investing in the virtualization sector, along with Embotics' success in assisting companies with private cloud management, automation and self-service provisioning, make for a smart business and investment partnership between our two organizations."

"We have a strong belief in Embotics and its virtualization and cloud management technology. Due to the market need for its solutions, we are confident that Embotics' business will continue to grow," said Jim Whitaker, managing partner of VentureLink LP. "Embotics' clear differentiation in cloud management made its business and this opportunity very attractive to us."

This round of financing comes on the heels of Embotics' most successful year to date. The company has experienced 300 percent growth in sales over the past year and 220 percent year-on-year growth in new customers, which now include Bell, Deloitte, Cisco, CSC, Dutch Ministry of Defence, MITRE and numerous universities and public sector departments. In addition, Embotics has signed new channel partnerships, including one with Magirus in Europe.

"We are thrilled to continue our partnership with Covington and to begin our new relationship with VentureLink because of their proven success when it comes to supporting technology innovation," said Jay Litkey, CEO of Embotics. "The significant increase in our sales demonstrates the opportunity that exists in the market. This financing will enable us to match that opportunity with clearly defined differentiation, corresponding sales and an increased engineering team to support new and existing customer opportunities."
Published Tuesday, June 12, 2012 6:52 AM by David Marshall
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Embotics Secures $8.4M in Financing from VentureLink, Covington, Private Investors « VT News - (Author's Link) - June 12, 2012 10:53 AM
Embotics Secures $8.4M in Financing from VentureLink, Covington, Private Investors « VT News - (Author's Link) - June 12, 2012 10:53 AM
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