Panintelligence Secures $5.8M in Series A Funding
BOSTON, Mass., Nov. 26, 2019 -- The rapidly scaling data visualization, reporting and analytics software developer, Panintelligence, which recently opened its first US office in Boston, MA, has secured $5.8 million backing from UK-based YFM Equity Partners and Comhar Capital in a Series A fundraising.
The Panintelligence ‘Pi’ suite of software enables businesses to use data in almost any format to trigger bespoke reports, and visualize trends in real-time, helping lower costs and inform strategic decisions.
The business, led by CEO Zandra Moore, CTO Ken Miller and operations director Charlotte Bailey, was established in 2014 and employs 40 staff at its Leeds, UK head office and US base at 50 Milk Street, Boston.
Originally developed in the credit and banking sectors, the software has a security-first ethos that has proved successful in highly regulated sectors including financial services, healthcare and education. YFM is investing $4.5m for a minority stake, alongside an additional investment of $1.3m by Comhar Capital. YFM has a track record of backing tech businesses across all sectors in the UK. Mike Clarke from YFM and Craig Wilkinson from Comhar Capital will also join the Panintelligence board.
Zandra Moore said: “We’re immensely proud to have grown from a handful of people into a leading-edge BI software business with international clients. This Series A capital allows Panintelligence to take advantage of the huge opportunities we are seeing in global markets, particularly the US. We chose YFM and Comhar as our partners as we felt they shared our ambition to grow the business in the right way to maintain the culture and the brand.”
Mike Clarke, investment director at YFM, said: “We quickly saw the value that Panintelligence delivers to its customers through an embedded product. The Pi Dashboard has the potential to be deployed across the globe. Panintelligence is exactly the type of high-growth business we want to support and fundraising now makes perfect sense. We are bringing the capital that will enable Zandra, Ken and a first-rate executive board to drive the business forward.”
Panintelligence software currently has over 200,000 users worldwide across a wide range of industry sectors, from retail and education to local government and healthcare.
Investment in key board appointments and an expanded development team, to speed up the addition of new features and services, has been the key focus in 2019 as the business scales rapidly. The firm announced expansion to the USA in spring this year, following its first US contract wins.
Lead advisers on the fundraising were Jim Whittaker and Robert Umpleby of Grant Thornton; legal advice was provided by James Foster and Sophie Davies of Shoosmiths, and by Freeths’ Andy Francey and Megan Atack.
Source: Panintelligence
