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Onit Receives $4.1 Million Investment Led by Austin Ventures
17 January 2012
Austin Ventures Leads Series B Funding Round to Help Accelerate Product Innovation and Company Growth
Onit, a leading provider of business productivity and process management apps, today announced that it has raised $4.1 million in Series B funding led by Austin Ventures. Also participating in the round are the principals of RedHouse Associates, a leading Houston incubator and consultant that specializes in providing strategic advice and services to entrepreneurs and technology start-up companies.
Onit plans to use the funding to accelerate product innovation and expand its line of business productivity and process apps to help companies streamline operations, improve employee productivity and drive customer value.
“Onit is a unique offering for business users that need to solve business problems with easy to use apps,” commented Eric M. Elfman, the CEO of Onit. “Onit Apps streamline everyday processes and empower managers across all departments, business units and divisions to achieve total visibility and management of their business processes. This funding will be used to develop a sales and channel strategy, expand outside the legal vertical, build out the Onit App Builder (a self-service tool for end users to create their own Onit Apps), and make key hires in Engineering, Sales and Marketing.”
“Process is inherent in everything a company does to make it as efficient, productive and profitable as possible,” said John Thornton, General Partner at Austin Ventures. “Onit Apps are for companies that can’t justify the spend for a full blown Business Process Management (BPM) tool but that still need more than email and spreadsheets to automate, manage and track business-critical processes. We are excited to be a part of this innovation to equip business users with powerful tools that don’t require an expensive investment or IT resources.”
John Thornton, General Partner of Austin Ventures will join Doug Erwin, RedHouse Chairman and Principal, and Eric Elfman on the Onit Board of Directors. Erwin will serve as the Chairman of the Board.
