Durham-based startup Keen Decision Systems has raised another $11 million in capital, the company disclosed in a statement this week. And the company said that the investment will enable the company to continue to accelerate product development and expand brand awareness for the company’s ongoing expansion into new industry verticals.
The Series B fundraising round comes after the company initially raised $3.5 million in 2019 and an additional influx of capital increased the round to more than $6.5 million by the end of 2020, according to an amended SEC filing.
Now, the company, which was founded in Cary in 2010, has the backing of lead investor Ballast Point Ventures, according to a company statement. An SEC filing indicates that the company has raised slightly more than $7 million from a single investor, but the company’s statement states that it has raised $11 million in the round.
Growth expected amidst ‘unique opportunity’
According to the company’s co-founder and CEO, Greg Dolan, the startup is well-positioned to take advantage of a “unique opportunity in the market.”
Dolan noted that the company is already experiencing growth, and that the new tranche of funding will accelerate the firm’s ability to grow, calling it a “reciprocal opportunity for both companies.”
Keen Decision Systems appeared on the Inc. 5000 list in the 2020 edition, increasing its place by nearly 1,000 spots to rank 2,308th, with a three-year growth rate of 182%, according to prior reporting from WRAL TechWire. But the company increased its performance in the most recent edition of the Inc. 5000, with a placement of 1,601st and a growth rate of 291%.
The company’s website lists past and current clients, including Eli Lilly, AT&T, Phillips, and Campbell’s.
As a part of the latest fundraising deal, Sean Barkman, a partner at Ballast Point Ventures, will join the Keen Decision Systems board of directors, the company disclosed in its statement.
Original Article Source: WRAL TechWire