As reported in the news on the 8th, Hadapt has added $6.75MM to the war chest. We’ll use the additional capital primarily to accelerate our go to market strategy and investment in the intellectual property that makes Hadapt so unique.
Following a strong customer response to our GA launch earlier this year and a $9.5MM Series A financing that took place in late 2011, we actually had no need for additional capital. And that’s exactly what I said when Atlas Venture initially approached us with an unsolicited term sheet.
However, as any good entrepreneur knows, the best time to raise money is when you don’t need it. And that was certainly a factor here. With a strong increase in valuation, the additional money allows founders, employees, and existing investors to keep smiling about the value of their shares.
Furthermore, it enabled us to add Atlas Venture to our investor group. As many of you already know, Chris Lynch has been the Chairman of our Board since April and has more recently become an investor at Atlas. He is understandably excited about Hadapt’s increasing impact within the Big Data market and the growing momentum around our v2.0 announcement. We’re equally excited to have him even more personally invested in our success.