Woburn Tech Company Raises $6 Million
Pneuron Corp., a Woburn-based business, secured funds to expand into healthcare and hire new personnel.
This past Monday was a big day for a Woburn-based company.
Pneuron Corp., a technology company with administrative offices at 300 Trade Center, Suite 5580, Woburn, announced on March 4 it has secured $6 million in investments, according to The Boston Herald.
The company said it would use the funds to expand into health care and to hire sales and business development personnel.
According to The Herald, the funding round was led by Safeguard Scientifics Inc. and Osage Venture Partners. Safeguard acquired roughly 28 percent ownership in the company and holds two out of seven seats on the board of directors.
According to a news release on the company's web site, Pneuron is initially focused on some of the most pressing and complex areas of financial services, including global regulations, risk, conversion management and revenue generation. However, the company is already gaining traction in insurance and healthcare with emerging partnerships. Pneuron is well-positioned to address the billions of annual spend on cloud enablement, information management software, analytics, and collaboration.
“We believe there is a very large market opportunity for Pneuron’s technology,” said Philip D. Moyer, Managing Director, Technology at Safeguard, who is joining Pneuron’s board of directors. “Data is expanding faster than we can warehouse, and extract insights. Pneuron offers a refreshing break from the never-ending model of centralized warehousing before a company can get value from their data. The company has created a scalable platform that dramatically reduces the time to build new solutions and create business value because it uses existing databases, applications, and technologies. We are excited by Pneuron’s proven ability to handle highly complex enterprise-class applications for world-class customers and partners. Safeguard is thrilled to partner with Pneuron as they change the world of data and analytics.”