Siemens Financial Services’ venture capital unit (SFS VC), the corporate venture capital organization of German engineering and electronics conglomerate Siemens, has made a strategic corporate investment of $10m series A funding in Germany- and US-based Polarion Software, maker of application lifecycle management (ALM) technology for software and product development,
The investment, the first outside funding that Polarion has received, will allow Polarion to expand its product development initiatives and support users.
Frank Schroeder, CEO of Polarion Software, said: “Siemens investment in Polarion underscores the need for enterprises in industries like automotive, medical devices, electronic engineering, telecoms, manufacturing and aerospace, to gain a 360 degree view of a project’s history, current trends and potential challenges. Marking Siemens’ first foray into application lifecycle management, this milestone investment will help Polarion bring its highly sought-after platform to an even greater share of the market.”
Ralf Schnell, CEO of SFS VC, said: “We took our time to thoroughlyinvestigate the ALM market ; and in every analysis, Polarion showed-up as the number one provider in its category. With its agile and scalable technology, Polarion is well-positioned to take advantage of increasing market demand for collaborative, web-based ALM solutions.”