Inside SaaS - September 24th, 2019

Inside SaaS (Sep 24th, 2019)

Cledara pre-seed backing / AI SaaS startup gets $1.6m / Salesforce updates Financial Services Cloud

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1. Cledara has received pre-seed backing from the Anthemis/BBVA strategic partnership, 2018 UKBAA Angel Investor of the Year Chris Adelsbach, and others. Now, with this most recent round, the startup has raised $930,000 altogether. The company will use the funds to expand the team, particularly in product, engineering and UX. Created in July 2018, Cledara provides companies with software that lets them track and manage their SaaS usage and spending. “We are different in that we are fully focused on helping tech companies with the purchase and the ongoing management of their subscriptions because everything is becoming a subscription and the way to manage one-off payments if very different to the way in which we manage recurring payments,” argues its founder, Cristina Vila, while comparing Cledare to competitors like Spendesk. - TECHCRUNCH


2. Canadian-based AI SaaS startup ODAIA has received $1.6 million in a seed round for its predictive customer analytics tool. The round was led by Panache Ventures and StandUp VenturesFounded by the University of Toronto, ODAIA offers companies data analytics, process mining and machine learning (ML) platform that analyzes customer touchpoints" to help them “create efficiencies and grow revenues” around customer engagement. ODAID will use the funding to prepare for the public launch of its AI SaaS platform, as well as for recruitment. “Productizing AI as a SaaS platform is a challenging endeavor that very few companies have been able to deliver,” said Prashant Matta, partner at Panache Ventures. “After meeting countless startups, ODAIA was the first we met where we felt confident in the team’s ability to pull it off.” - BETA KIT


3. Salesforce announced it has updated its Financial Services Cloud with a range of new features to help insurance companies improve their digital strategies and retain talent. Updates include an improved Agent and Customer Service Rep Console and pre-built analytics through Einstein that helps agents and managers optimize their books of business, all of which should help insurance companies move away from decentralized legacy systems and a solid digital transformation roadmap. "By leveraging data and AI and digitizing touch points, we can now help insurers deliver distinctive experiences," said Ayan Sarkar, Global Head of Insurance for Salesforce. - ZDNET


4. A former Freshworks chief operating officer and an ex-Norwest Venture partner launched a $300 million fund for SaaS firms and business-to-business companies in India and Southeast Asia called Avataar Ventures. Mohan Kumar, a former partner a Norwest Venture and the ex COO of Freshworks, Nishant Rao, created the fund and aim to invest $10 million to $30 million in its portfolio companies. They say they will make about 10 investments from Avantaar's maiden fund, which will have global fund HarbourVest as its sponsor. So far, the duo have acquired six SaaS companies from Norwest: Zenoti, Capillary Technologies, Appnomic Systems, CRMNext Inc, Manthan Systems, and ElasticRun. “The focus is to back companies with at least $15 million in recurring revenue, and scale that to $100 million. We have a very hands-on approach and are not just going to be putting in capital, but also work deeply with them operationally,” Kumar said. - IBS INTELLIGENCE


5. SaaS-managed hybrid cloud company Platform9 raised $25 million in Series D funding. The round was led by NGP Capital, with participation from Mubadala Ventures, Redpoint Ventures, Menlo Ventures, Canvas Ventures, and HPE Pathfinder. Altogether, the company has raised $61.5 million. At the same time, NGP Capital Partner Rohini Chakravarthy also joined Platform9’s board of directors. - DATA ECONOMY


6. Archibus, which is a provider of workplace software solutions, announced the release of the Archibus Cloud. This is an integrated workplace management system designed to make SaaS more accessible. By providing the likes of better space utilization, it aims to help companies reduce bottom-line costs while helping companies attract and retain talent. - IBS INTELLIGENCE


7. A10 Networks has released a Cloud Access Proxy (CAP) solution that offers secure access to SaaS applications. It also provides full visibility into SaaS applications, a better user experience, and more. “A10 Networks’ Cloud Access Proxy is designed specifically to help organizations optimize the performance and security of their SaaS application traffic," said Yasir Liaqatullah, vice president of product management at A10 Networks. - HELPNET SECURITY


8. BNG Bank, which the State of Netherlands partly owns, has joined Wolters Kluwer as its first client for the company's new Finance, Risk & Reporting business’ SaaS Regulatory Reporting Solution. The partnership will automate BNG Bank's regulatory reporting processes, as well as combine bank data into one source. “Our newly launched SaaS solution offers the same functionality as the company’s on-premise product, based on our recently upgraded OneSumX Regulatory Engine technology platform which offers enhanced performance and better user experience, in terms of speed, automation, and scalability,” said Claudio Salinardi, Executive Vice President and General Manager of Wolters Kluwer FRR. - IBS INTELLIGENCE


9. Wholesales Investors has released a new SaaS capital raising admin platform in the Southeast Asia region. Called "CRIISP" (which stands for Capital Raising Intelligent Investment Secondary Platform), it will be able to raise capital, facilitate investor interest tracking and management. “For our team, empowering the founder and removing success fees means we can play a role in growing the technologies of the future quicker, and to a greater scale. CRIISP kills the problem of founders paying the equivalent to a salary of a decent techie in success fees, stunting their scalability,” Managing Director and Co-Founder of Wholesale Investor and CRIISP, Steve Torso said. - E27


10. Tata Consultancy Services release the TCS BaNCS Cloud for asset servicing. With it, Tata aims to automate classes servicing of assets across markets. It is primarily designed for investment and private banks, broker-dealers, and custodians. - THE ECONOMIC TIMES
 


Written and curated by Inside Dev and Inside Deals Editor Sheena Vasani, a freelance journalist based in California. Proficient in Javascript and Ruby. Got my start at Dev Bootcamp and Thinkful.

Edited by Bobby Cherry, a senior editor at Inside.com who also curates Inside Pittsburgh.


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