Correlsense, which provides performance management software, has raised $3 million (£1.9 million) in growth capital to ramp up its sales and marketing efforts.
The deal involves Accel Partners, Vertex Venture Capital, ProSeed Venture Capital Fund and two other institutional backers.
Following the deal Correlsense will begin to expand its sales and marketing partner channels and grow its marketing teams.
New Correlsense CEO, Ken Marshall, says, ‘Coming after our recent successes, we remain excited about the exceptional opportunity that exists for operations-focused application performance management tools.
Marshall joined the company in May, replacing co-founder and former CEO Oren Elias. Marshall also serves as chairman of Extraprise Group, which he founded in 2007.
He adds, ‘This financing allows us to build on our new customer wins that enhance our leadership in end-to-end application monitoring.’
Founded in 2005, Correlsense is a privately held business which has two offices in the UK, one in London and one in Israel.
The company’s SharePath service is aimed at businesses in financial services, insurance, online retail, life sciences and telecommunications, and allows IT teams to see where and why software crashes.
Its fundraising to date has consisted of a Series B round in March 2010, which saw the firm take on $8 million of development capital, and a first round of $3 million back in June 2008. It also took on $2 million of debt funding in 2009.
In Marsh 2012 Accel Partners lead a first round fundraising into Hailo, a London-based Taxi app, which saw the firm raise £10.6 million.
