Velosel Secures $10 Million in Series C Round; Announces New Customer Wins Including Clorox, Gallo and Wyeth
Funding to Assist in R&D, Sales and Marketing of Velosel’s Collaborative Product Information Management Technology for Consumer Goods Manufacturers and Retailers
Mountain View, Calif. – May 29, 2003 – Velosel Corporation today announced it has secured $10 million in its Series C round. The company also announced new customers, including The Clorox Company, E. & J. Gallo Winery, and Wyeth. Velosel is the leading provider of Collaborative Product Information Management (CPIM) applications.
--Collaborative Product Information Management (CPIM)--
CPIM is a rapidly emerging enterprise software category. CPIM applications combine essential item data management capabilities with sophisticated business process automation that ties together the human stakeholders and the business systems, facilitating true intra- and extended-enterprise collaboration.
CPIM applications enable manufacturing and retail organizations to efficiently create and maintain an enterprise data repository, an easily accessible, accurate “single version of the truth” for all product information across the enterprise. CPIM applications also enable effective synchronization of product data with business partners. This process, referred to as Global Data Synchronization (GDS), is the means by which product information stored by one company matches the corresponding data in the systems of its business partners. GDS is the fundamental building block for a collaborative supply chain.
The importance of GDS is underlined in an independent AMR Research April 2003 report titled “Data Synchronization Has Simply Become the Cost of Doing Business.” In this report, AMR Research predicts, “$2.1 billion will be squandered over the next five years on B2B initiatives unless manufacturers and retailers develop a platform to support data synchronization first.” The report also states, “Data synchronization should be the number No. 1 priority over all projects involving collaboration or B2B interoperability because of the foundation it provides.”
Data accuracy is an absolute prerequisite for successful data synchronization—without it, GDS will only add costs and frustration. Most organizations, however, do not have formal systems in place to ensure easy accessibility and integrity of data and to successfully synchronize this data with partners. The lack of formal processes results in data redundancies and discrepancies, making effective synchronization with business partners unattainable.
Velosel’s flagship CPIM product, Velosel5, is available in two editions: one for manufacturers and another for retailers. These CPIM applications enable manufacturing and retail organizations to overcome the data management and GDS challenges.
“Velosel [CPIM technology offers] the deepest level of expertise with content synchronization using UCCnet standards combined with 100% focus on data synchronization...,” said AMR analyst Kara Romanow in the April report.
--Funding--
Velosel will use the Series C round to further the development of its Collaborative Product Information Management (CPIM) products as well as expand its sales and marketing efforts. The round is led by Levensohn Venture Partners.
“Global Data Synchronization is a pressing issue for every company in the consumer goods and retail industries, and we see tremendous potential for CPIM software that can put GDS within reach for these companies,” said Keith Benjamin, managing director at Levensohn. “We evaluated every vendor in the CPIM space and decided to invest in Velosel because it has the most experienced management team, the most comprehensive product with the strongest technology in the marketplace, and an impressive, rapidly-growing customer list.”
Mobius Venture Capital, Pacific Partners, and Walden International also participated in the Series C round.
--New Customer Wins--
Velosel announced three new customers of its CPIM technology. These customers include:
-- The Clorox Company – a leading manufacturer and marketer of consumer products with fiscal year 2002 revenues of $4.0 billion. Clorox markets some of consumers’ most trusted and recognized brand names in today’s marketplace.
-- E. & J. Gallo Winery – one of the largest winemaking operations in the world. The company employs more than 4,600 people and markets its wines throughout the U.S. and over 90 foreign countries.
-- Wyeth – one of the world’s largest research-driven pharmaceutical and health care products companies. Wyeth employs over 52,000 people and markets its products in more than 140 countries.
“Our decision to focus development efforts on the CPIM needs of the consumer goods industry almost two years ago has proven extremely successful,” said Glenn Abood, president and CEO of Velosel. “Many companies are seeking the direct benefits that CPIM can deliver for improved margins, increased sales, and enhanced relationships with trading partners. We look forward to working with each of these companies and providing them with world-class CPIM solutions that are instrumental in positive changes to the top and bottom lines.”
About Velosel Corporation
Velosel Corporation is the leading developer of Collaborative Product Information Management (CPIM) solutions for the consumer goods and retail industries. Velosel’s CPIM technology enables manufacturing and retail organizations to efficiently create and maintain an enterprise data repository as well as effectively synchronize product data with business partners. Velosel CPIM applications are utilized by leading companies, including Campbell Soup Company, The Clorox Company and Wyeth. Velosel is a Certified and Preferred Solution Partner of UCCnet and is committed to standards for Global Data Synchronization. With headquarters in Mountain View, California, Velosel can be contacted in the U.S. at (650) 641-8300 or at www.velosel.com.
About Levensohn Venture Partners
Levensohn Venture Partners (LVP) is a development stage venture capital investor. With $135 million in two venture capital funds, LVP is focused on building companies in the enterprise software, communications and semiconductor sectors. Founded in 1996 and based in San Francisco, LVP`s portfolio consists of a total of 19 companies including Atheros, BigFix, Commerce One, Interwoven, Teralogic and Veraz Networks. For more information go to: www.levp.com.
Velosel is registered trademark and Velosel5 is a trademark of Velosel Corporation. All other company, product and brand names are trademarks of their respective owners.
Press Contacts:
Patrick Crisp
Velocity Public Relations
patrick.crisp@velocitypr.com
415-285-0661
Ricardo C. Berrios
Velosel Corporation
rberrios@velosel.com
650-641-8308
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