Acumatica, a US-based business management software provider backed by enterprise software producer MYOB, raised $25m in series C funding yesterday.
Accel-KKR, the technology-focused private equity firm formed by venture capital firm Accel and investment firm KKR, led the round, which included undisclosed existing shareholders.
Acumatica has created a cloud-based enterprise resource planning platform that helps small and medium-sized enterprises handle functions such as finances, project accounting, commerce, manufacturing, field service and customer relationship management.
The cash will go to accelerating growth and the further development of artificial intelligence, machine learning and software-as-a-service technologies related to business management and financial applications.
Acumatica received $13.3m in a 2014 round led by MYOB that brought the company’s total funding to more than $30m. It followed a $10m round, also billed as a series C, that was co-led by Runa Capital and Almaz Capital in 2013.
Business software developer Visma had invested an undisclosed amount in the company in 2011, after Russia Fund I, a vehicle established by Almaz Capital and networking equipment manufacturer Cisco, had provided an undisclosed sum in 2009.