FusionOps Raises $25 Million in Latest Funding Round

FusionOps funding

FusionOps, a supply chain data analytics provider, announced Tuesday it raised $25 million in a Series C funding round. Georgian Partners, a Canadian venture firm that invests in expanding companies using big data analytics, led the round. Tyson Baber, principal on the Georgian Partners Investment Team, will also be joining the FusionOps board of directors.

New Enterprise Associates, another global venture capital firm investing in healthcare and technology, and FusionOps Chairman Prabhu Goel also participated in the funding round. The $25 million raised in this latest round brings total financing for FusionOps up to $44 million since the company was founded in 2005.

Gary Meyers, CEO of FusionOps, said the funding round is significant as it shows investor interest in data analytics within the supply chain space. Organizations are implementing big data, cloud and analytics solutions beyond marketing and sales, where they were typically focused before, he said.

Another reason the round is significant, is because Georgia Partners specifically focuses on big data analytics, making it a good fit with FusionOps, Meyers said.

FusionOps has reported strong growth in recent years, with users growing 79% year-over-year in 2015 and platform usage growing 123%. Meyers said the fact that usage of the FusionOps platform is increasing is a good sign. Like any procurement or supply chain technology, user adoption of the technology is critical. This is especially true for data analytics, as companies need to use the solution to gain business insights.

“You can’t take action if you are not using it to get information,” Meyers said. “The important thing is for people to actually use the information to drive decision making.”

FusionOps expects its growth to continue throughout 2016. Meyers said the company is made up of more than 100 people at the moment and expects to grow to nearly 200 employees by the end of the year. FusionOps, which also recently added new data analysis capabilities to its Supply Chain Intelligence Cloud platform, expects the number of users to increase throughout the year as well.

Last March, FusionOps announced it brought in $12 million in a Series B funding round, which New Enterprise Associates led.

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