The way that enterprises collaborate has changed. Technology companies such as Zoom, Cisco, and Microsoft now enable flexible, digital-first collaboration solutions. Billions are being invested in communication technology and conference rooms to improve how teams work together.
The increased complexity and digitization of the industry has given rise to a need for tools to support this communication infrastructure. Austin-based Vyopta is a leading provider of monitoring and software analytics tools to optimize workplace collaboration, and boasts hundreds of enterprise customers including AIG, AstraZeneca, Stanford University, and the US Department of Veterans Affairs.
We are excited to announce a $7.5 million Series B financing for Vyopta to fast-track product innovation and deepen integrations with leading collaboration vendors including Cisco, Microsoft, Zoom, and others. The funds will also be used to strengthen its data collection and analytics platform and expand its customer success and go-to-market teams.
Prior to our original Series A investment in 2016, Vyopta was bootstrapped and had not raised any outside equity. We pride ourselves on enabling exit readiness on the founder's timetable, which ultimately led Vyopta to choose us among other interested investors. What that means is we provide operational expertise from the outset as well as additional funding as needed to double-down on growth.
We are investing behind Vyopta's strong growth in the first half of 2019 (80% year-over-year growth) and anticipate increased sales fueled by new product releases, growing market demand, and increased adoption across customers.
Additionally, Vyopta continues to build out its team and advisors. The Company added Rod Favaron to the Board of Directors as Chairman and Betsy Webb to the Advisory Board. Rod brings a depth of executive leadership experience and was previously CEO of both Spredfast and Lombardi Software. Betsy is a domain expert and was previously general manager of unified communications at Microsoft.
Please read more about our investment here (press release).