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Viaken Lands $13M in New Funds to Spur Growth in Services, Products


Viaken Systems has received $13 million in second-round equity funding.

Sterling Venture Partners was the lead investor, along with new participating investors MacAndrews & Forbes, Allianz, Schoffstall Ventures, and E-media, and repeat investors Core Capital Partners and Mid-Atlantic Venture Funds.

Viaken received $3.7 million in its first institutional round of funding in April 2000. Keith Elliston, Viaken CEO, said the new funds would support Viaken for 18 months. The company expects to use the money to support expansion of its sales and marketing efforts and its professional services activities, and further invest in its data products business.

Last week, Viaken announced it had hired Michael Provance to head its global professional services activities, freeing up Stephen Gardner, Viaken’s vice president and CTO, to concentrate on developing the data products business.

Elliston said Viaken plans to add about 55 new employees to its current staff of 45 by year end. In that time the company also plans to add five more customers to its current base of about nine.

— KH

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