Mclean, Virginia-based LogiXML, the leader in interactive, web-based business intelligence, announced today that it has closed on its first institutional funding of $5 million from Updata Partners. The company will use the funding to more rapidly extend the reach of its BI platform, Logi 8, to U.S. and international markets. Logi 8 is the only web-based solution that streamlines and completely unifies an enterprise's entire BI portfolio, including comprehensive corporate reporting and analysis, ad hoc reporting, and valuable BI data services. Logi 8's platform is equally valuable for independent software vendors (ISVs) who want embedded BI to achieve greater reporting functionality out of their applications.
Commensurate with the funding, Carter Griffin, Partner at Updata Partners, joined LogiXML's board of directors. “LogiXML offers a unique opportunity for Updata Partners to invest in a company already doing well on its own. Our investment will help support sales momentum and expand market presence,” said Griffin. “The traditional Business Intelligence market is dominated by expensive and technically complex products. LogiXML’s web-based BI products are demonstrating that there is a better way to do BI, whether you are an end user or an ISV.” |
