[Funding alert] Houston startup Riversand secures additional $10M investment from Crestline Investors
Houston-based startup Riversand, owned by two Indian-Americans, has secured an additional investment of $10 million from Crestline Investors to continue its product innovation as a technology leader in the space and fund growth initiatives.
Riversand, a Software-as-a-Service (SaaS) Master Data Management (MDM) and Product Information Management (PIM) solution provider, was founded by two Houston-based Indian-Americans - Upen and Anil Kini - in 2001. Headquartered in Houston, it has offices in Bengaluru, London, Germany, Switzerland, and Sydney.
Earlier in 2017, the SaaS-based startup raised $35 million in the Series A round from Crestline Investors, a credit-focussed institutional alternative asset manager.
"Crestline Investors is a valued partner and has enabled us to deliver a best-in-class product that is seeing incredible adoption and high levels of customer satisfaction," Upen Varanasi, CEO and Founder of Riversand said in a release.
"We will use this additional capital to continuously strengthen our product through innovation, amplify our sales and marketing efforts, and accelerate growth in new geographies and market verticals," he said.
According to analysts, the data management market is experiencing rapid growth as companies realise the value of data as a foundational requirement for business success. Riversand's delivery of its cloud-native data management platform in 2018, fuelled demand for its cloud offerings, creating an opportunity for additional investments to support expansion initiatives. It has experienced success in its core markets for almost two decades.
Crestline brings investment expertise to the data management market, having invested in several data management opportunities over the past few years, including leading a 2018 investment round for Actifio and exiting its previous investment in SpringCM through a $220 million acquisition by DocuSign, the startup said in a statement.
"We continue to believe that data-focussed cloud-first businesses are well-positioned to propel the prolific number of digital transformation initiatives being undertaken by a wide spectrum of companies. Riversand is having a record-breaking year and our additional investment will support that momentum," Will Palmer, a Managing Director at Crestline said.
(Edited by Suman Singh)