SilkRoad, a US-based provider of human resource management software, has raised $16m in growth financing from previous investors including Intel Capital, the corporate investment arm of US microprocessor maker Intel, Keating Capital, a venture capital firm which provides pre-IPO financing, and venture capital firms Foundation Capital, Azure Capital Partners and Crosslink Ventures.
The latest finance will be used to fund product innovation across SilkRoad’s Life Suite Talent Management software and to support company growth.
SilkRoad total funds raised now come to $145m. Previously, SilkRoad raised $35m in a C round in May 2012, when a flotation was considered possible in late 2012. SilkRoad Equity (which is run by the executive chairman of the portfolio company, Andrew Filipowski), invested $40m in late 2010 . In May 2008, SilkRoad raised $54m in its previous venture round.
John Shackleton, SilkRoad’s president and chief executive officer, said: “We’ve forged a distinctive path as a human capital management provider by offering industry-leading innovation to under-served markets and we’re poised for continued growth.”
Warren Weiss, general partner at Foundation Capital., said: “With a fully-integrated suite of cloud-based applications proven to deliver innovative solutions, the Company has seized opportunities well in advance of its competitors and is driving industry adoption of social talent management.”