Tuesday, September 26, 2023

Victorian enterprise software startup raises $35 million on Series B

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Enterprise software startup Clear Dynamics has raised $35 million (USD$25 million) in Series B funding.

The round was co-led by Colinton Capital Partners and OIF Ventures, alongside new investments from family offices and private investors.

The Melbourne company, whose customer base has quadrupled in the US and Australia in the past year, will use the money to scale up local and international operations for its “composite” modular software systems to modernize and digitally transform existing technology and business operations. . models.

Clear Dynamic has developed an AI-enabled Enterprise operating system that leverages metadata, packaged business capabilities, building blocks, and generative AI to quickly build custom solutions that intelligently evolve with changing customer needs. It enables companies to continuously assemble and reassemble the capabilities when they need it. Its clients include Bank of Queensland, Cargill, Latitude Financial Services and Australian Unity.

Founder and CEO Dan Beaty said their software solution has been adopted by leading organizations across 10 industries, including financial services, energy, government and healthcare.

“Over the past two years, organizations and leadership teams in every industry have been forced to face the limitations of their existing technology and business models,” he said.

“Many are realizing that their existing technology investments are tied to strategies of the past – unable to easily adapt to today’s dynamic business landscape, characterized by increasingly frequent unplanned changes and the demand for more agile, data-driven decision.”

Beaty said it is also a solution to the rising costs and difficulties of recruiting developers.

“Clear Dynamics’ design principles break through most enterprises’ over-reliance on developers,” he said.

“We are able to overcome traditional business software bottlenecks much faster, and without relying on an army of scarce developers.”

OIF Ventures partner Jerry Stesel said Clear Dynamics is the leader of the composable software revolution.

“Just as cloud computing was a major global shift two decades ago, we believe that every category of business software can eventually be compiled on AI-powered platforms,” he said.

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