Monday, April 13, 2009

Adapx Raises $9M

Seattle-based Adapx is announcing this morning that it has raised $9M in a Series B funding round. According to the firm's CEO, Ken Schneider, the round was led by UV Partners, and also included OVP and Paladin Capital, existing investors in the company. Adapx develops software which help field data collection, and using pen and paper to input data into digital systems. "It's a very tough market out there, " Schneider said, when asked about how difficult it was raising a round in today's environment. However, he explained, "We've exceeded expectations in terms of customer traction," which made the process easier for the firm. Schneider said that--unlike a lot of Series B and C companies only doing inside rounds, the firm was able to get "considerable" new investment capital, led by new money.