Innovapptive Secures $1.5 Million In Funding Round led by Hyderabad Angels
Additional capital infusion has led to a 400% revenue growth in Q1-2017 for company's mobile workforce management solutions and Rapid Mobile Application Development (RMAD) framework
Apr 18, 2017, 04:00 ET
HOUSTON, April 18, 2017 /PRNewswire/ -- Innovapptive Inc., the leading provider of configurable mobile workforce management solutions in the Enterprise Asset Management (EAM), field operations and Supply Chain space has completed a $1.5 million funding round, led by Hyderabad Angels (HA). The latest financing will be used to scale its sales and marketing teams, accelerate product innovation and expand customer acquisitions in the fast-growing mobile workforce management market. Kishore Ganji from Hyderabad Angels will join Innovapptive's Board of Directors.
Hyderabad Angels is one of the most active early stage investors in India. Recently HA launched its US chapter and this investment in Innovapptive is in line with its investment strategy of expanding its portfolio globally. "We are pleased to see a 400% revenue growth for Innovapptive in Q1-2017 with the infusion of additional capital," said Kishore Ganji, Hyderabad Angels and Innovapptive Board Member.
The current financing round builds on an exceptional quarter for Innovapptive which saw a rapidly growing roster of clients, key executive appointments, and market momentum in the mobile workforce management space. Earlier this year, Innovapptive also appointed industry veterans who had previously served at Royal Dutch Shell to serve on the company's advisory board, and its client roster grew to include several global Fortune 500 companies.
Innovapptive expanded on its Rapid App Configuration Engine framework (RACE™) to offer Rapid Mobile Application Development (RMAD) and configuration capabilities for enterprises to digitize their paper based processes. The RACE™ framework and pre-packaged mobile solutions accelerates digitization of inspection forms, environmental, health and safety forms, preventive maintenance and supply chain transaction processing in the field.
"At Hyderabad Angels, we are committed to encourage bright and budding entrepreneurs by providing them with the required financial support and domain expertise. We are also providing them the strategic advice, networking and mentoring for the company's overall growth," said Mr. B.V.R. Mohan Reddy, Founder and Executive Chairman at Cyient and former Nasscom Chairman. Cyient is one of India's leading Engineering, Network and Operations service providers and employs over 13,500 people across 38 global locations with annual revenues of over $550M, and over $2 Billion of cumulative revenue since inception.
"As a technology solution provider, we're just scratching the surface of how powerful a hyper agile and configurable framework for mobile workforce management solutions can dramatically address the exponential demand that enterprises are experiencing for mobile solutions," said Sundeep Ravande, President and Co-founder at Innovapptive. "According to Gartner Inc., enterprise IT will outstrip internal capacity 5 to 1 and it is imperative for enterprises to consider a rapid mobile application development (RMAD) and configuration framework like RACE."
About Innovapptive
Innovapptive is an American Multinational software company headquartered in Houston, TX and is a provider of highly configurable cloud based enterprise mobile solution frameworks for enterprise asset management (EAM), field operations and supply chain. With over 150 employees across offices in USA, Germany and India, we serve some of the world's largest brands within the Oil & Gas, Life Sciences, Chemicals, and Manufacturing industries to name a few. Innovapptive was named a 2016 SAP Pinnacle Award Winner and has won this recognition three years in a row. Today, some of the world's largest brands run Innovapptive technology and software.
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SOURCE Innovapptive Inc.