Five months after opening its first U.S. office in Boston's Financial District, British startup Panintelligence has secured $5.8 million in Series A funding.
Launched in 2014, the startup develops software for "business intelligence," including tools for data visualization, reporting and analytics, all included in its "Pi Dashboard" software suite.
The funding was led by U.K.-based YFM Equity Partners, which has now secured a minority stake with a $4.5 million investment. Comhar Capital participated in the round with an investment of $1.3 million. As part of the deal, Mike Clarke from YFM and Craig Wilkinson from Comhar Capital will join Panintelligence's board of directors.
Panintelligence currently employs 40 people at its offices in Leeds, U.K. and 50 Milk St. in Boston. The Series A round will be at least partly used to expand its operations stateside.
"This Series A capital allows Panintelligence to take advantage of the huge opportunities we are seeing in global markets, particularly the U.S.," CEO Zandra Moore said in an emailed statement. "We chose YFM and Comhar as our partners as we felt they shared our ambition to grow the business in the right way to maintain the culture and the brand."
At five years old, Panintelligence is deep in scale-up mode. In April this year, the company was awarded Tech Innovation of the Year at the Leeds Digital Festival Awards; more recently, it appointed two directors specifically tasked with growing the company's operations in Leeds.
The new investors think it's time for Panintelligence to expand its international reach. Already, Panintelligence software has some 200,000 users in sectors including retail, education, local government and health care, and the company was recently awarded contracts with American companies, according to the statement.
"The Pi Dashboard has the potential to be deployed across the globe," Clarke said in the statement. "We are bringing the capital that will enable Zandra, [CTO Ken Miller] and a first-rate executive board to drive the business forward."
