Aviso, a US-based sales forecasting software developer backed by Bloomberg Beta, the early-stage investment arm of media company Bloomberg, has collected $8m in series C funding, VentureBeat has reported.
The funds were supplied by venture capital firms Scale Venture Partners, Next World Capital and Shasta Ventures, all of which also took part in Aviso’s $15m series B round in 2015, alongside Bloomberg Beta, First Round Capital and Cowboy Ventures.
Founded in 2011, Aviso has built a cloud-based platform designed for medium-sized and large enterprises that combines machine learning algorithms, predictive analytics and portfolio management techniques to help businesses track and forecast sales and revenue.
The fresh capital will be used to grow the business, which employs about 70 people, and to add to Aviso’s sales, marketing and customer service departments. Aviso currently has 30 customers, including music discovery platform Pandora and sales software provider HubSpot.
Aviso is still spending the capital raised in its series B round, but chose to raise the extra $8m because the company has a new CEO, and Aviso’s investors thought it best to have additional cash available for the next growth phase, a spokesperson told VentureBeat.
Michael Lock joined Aviso as CEO in December 2016, replacing founder and previous chief executive KV Rao, who is now the company’s chief strategy officer.
Lock was a founding executive of Google Enterprise, the business apps unit of internet technology provider Google, where he was vice-president of enterprise sales for the Americas. Google Enterprise rebranded as Google Cloud in September 2016.
Bloomberg Beta also participated in Aviso’s $8m series A round in 2014. The series A was led by Shasta Ventures and included First Round, Cowboy Ventures and several angel investors.