An Indianapolis-based tech company has closed on a major round of funding. Zylo, which specializes in helping businesses manage their Software-as-a-Service application portfolios, has secured more than $22 million in Series B funding, led by Menlo Ventures in northern California. The company says it plans to use the funding to "significantly grow" its workforce across all business areas, including engineering and data science.
The funding round also included repeat investments from California-based Bessemer Venture Partners, High Alpha in Indianapolis, the Rise of the Rest Seed Fund, Salesforce Ventures and the Slack Fund. As a result of the round, Menlo Ventures Partner Matt Murphy will join the Zylo Board of Directors.
"SaaS is undergoing a Cambrian like explosion in the number and types of applications and the buying decision has never been more distributed within organizations. Along with that proliferation comes the need for SaaS Management, a category that Zylo created and leads.” Murphy said in a news release. "We’re thrilled to be backing the Zylo team on its mission to bring a new level of software management for SaaS that includes cost efficiency, security, and informed choice."
Zylo says it now manages more than $10 billion in SaaS spending and nearly 1 billion employee SaaS-based interactions for customers, such as Nike Adobe and Slack.
"We work with the largest companies in the world to solve a pressing challenge for CIOs: gaining the visibility and capabilities they need to professionally manage the proliferation of SaaS applications," said Eric Christopher, co-founder and chief executive officer of Zylo. "Today, enterprises spend an average of $10,000 or more per employee on SaaS, making the stakes higher than ever for CIOs to optimize their investments and give employees tools that maximize productivity."
Since the company was founded in 2016, Zylo has raised more than $35 million.
Eric Christopher will be a guest this weekend on Inside INdiana Business with Gerry Dick to talk more about the funding and what it means for the future of Zylo.