Correlsense, a provider of business transaction management solutions, said it received $8 million in new financing, which will support the company's continued work in redefining the existing application performance management market, and growing its customer base. It will also help to further develop its distribution channels with partners in North America and Europe.
Accel Partners, a venture capital firm, led the Series B round, which also included funds from Correlsense's existing investors Vertex Venture Capital, eXceed Technology and ProSeed Ventures, the company noted. According to the company, Accel Partners funded Correlsense because of the company's vision for improving the way enterprises manage their IT systems and performance, sparking a new, stand-alone market category within application performance management.
Commenting on the investment, Bruce Golden from Accel Partners said, "We like to partner with talented and ambitious management teams building category-leading businesses. Correlsense has already created cutting-edge technology that we believe will redefine the market for application performance management. Our goal is to help the team build on their current momentum and evolve into a more global business."
Accel Partners' Golden is a member of the board of directors of Correlsense, which provides services to IT departments to effectively manage, analyze and audit their IT systems' performance and management initiatives.
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