iConclude Announces Series A Funding.
BELLEVUE, Wash., Aug. 31 /PRNewswire/ -- iConclude, a pioneer of problem resolution management software, today announced a $3 million Series A round of venture capital funding, led by Madrona Venture Group. Additional investors include Cronus Ventures LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control and iConclude management team members. iConclude will use the capital for product development and expansion of the management, marketing and development teams. Matt McIlwain, managing director at Madrona Venture Group, and Rao Ramela, general partner at Cronus Ventures, joined the company's board of directors.
iConclude develops technology to fundamentally change the way IT organizations support mission critical applications. The company's products, which will be launched later this year, allow corporate employees, IT service desk, and the operations staff to quickly and successfully resolve IT problems. iConclude's technology will significantly reduce the time required to diagnose, repair and maintain complex applications that would otherwise be escalated to expensive IT personnel. The market for these products, known as problem resolution management, is estimated to be between $2 and 5 billion annually, according to according to
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"iConclude is focused on a pervasive customer need to improve the effectiveness and reduce the per incident costs of supporting information technology," said Matt McIlwain, managing director at Madrona Venture Group. "This exceptional management team has already gained early customer traction, by leveraging their industry knowledge and insights from strategic advisors."
iConclude was founded in early 2005 by Sunny Gupta, who brings strong management and go-to-market expertise from his time with Mercury Interactive For another company with a similar name, see Mercury Computer Systems.
HP Mercury (formerly Mercury Interactive) is a subsidiary of Hewlett-Packard that is a market leader in automated software quality assurance and offers products in other areas such as diagnostics, , Performant and Rational. Additional management team members include Jeff Gerber, with a background in architecture and software development from Mercury Interactive and Performant; Brian White Brian White may refer to:
"IT processes for problem resolution and maintenance are in desperate need of automation. IT departments have experience automating other business functions, including sales, customer reporting and finance, but have not yet fully automated their own processes," said Sunny Gupta, founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of iConclude. "We are confident that the team at iConclude is well-positioned to capitalize on the clear market opportunity that presents."
iConclude was founded in 2005 and is located in Seattle, Washington. The company raised $3 million in financing from Madrona Venture Group and Cronus Ventures. iConclude software is based on the ITIL (Information Technology Infrastructure Library, www.itil.co.uk) One of the more comprehensive as well as non-proprietary and publicly available sets of guidelines for "best practice" IT services management, owned by the British Office of Government Commerce (OGC). best practices of incident and problem management. iConclude helps IT organizations reduce costs, improve customer satisfaction and minimize downtime by applying automation to the diagnosis and resolution processes.
About Madrona Venture Group
Madrona Venture Group, headquartered in Seattle, Wash. is a top-tier venture capital firm that brings together the resources, experience, teams and strategic relationships to build the next generation of leading technology companies in the Pacific Northwest. The firm has a nine-year track record of returns and a well-established team focused on regional investing in enterprise IT, consumer technology, wireless and networking. Portfolio companies leverage Madrona's expansive network of relationships with technology thought leaders, established and emerging companies and channel partners, financial institutions and universities. For more information visit http://www.madrona.com/.
CONTACT: Britt Cutsforth of Sparkpr, +1-415-321-1872, or email@example.com, for iConclude
Web site: http://www.madrona.com/