BERKELEY--- N8 Systems Receives $9.7 Million in Equity Funding; Alloy Ventures and Palomar Ventures Lead Investment; Peter Louki
N8 Systems, the only company delivering precision requirements validation for software developers, today announced that it has completed Series A funding of $9.7 million. The investment includes funding from Alloy Ventures, Palomar Ventures and the Roda Group.
N8 also announced the addition of three new members to its Board of Directors: Peter Loukianoff, partner at Alloy Ventures; Bob Obuch, partner at Palomar Ventures, and John Shoch, partner at Alloy Ventures. They join board members Joe Marasco, N8 Systems CEO and David Hartford, the company's founding CEO.
N8 Systems is a pioneer in delivering the first and only solution that automatically generates visual models from business analysts' written text. N8's products fundamentally change how companies define and validate user requirements, dramatically improving the value and quality of both applications and business processes. The company plans to use the additional funding to enhance and expand its product suite, increase sales and marketing efforts and promote new business development.
"Increasingly more companies -- across all industries -- are recognizing the excessive costs incurred when requirements errors are discovered in the development and deployment stages," said Loukianoff. "N8 Systems offers an innovative product that enables early detection and repair of requirements errors, while delivering tremendous cost savings. Rising market demand for such a solution is fueling the company's continued rapid growth."
"In a very short time, N8 Systems has gained a great deal of market traction, especially for an early stage company," said Shoch. "N8 is filling a huge need in the requirements definition and validation market. The company has phenomenal potential, and I look forward to being part of N8's next stage of expansion."
"N8 Systems offers a product that bridges the communication gap between business requirements and application delivery," said Obuch. "This company is poised to lead the requirements definition market."
Alloy Ventures
Alloy Ventures traces its roots back to 1977. Its rich history of early-stage venture investing over several economic cycles has produced industry-leading companies such as Amgen, AMCC, Applied Biosystems, Aspect Communications, CV Therapeutics, Favrille, IDEC Pharmaceuticals, Nuance, Octel, PMC-Sierra, Red Brick Systems, Remedy and Verity to name a few. The partners of Allow Ventures have helped start and cultivate more than 200 successful companies in the fields of information technology and life sciences. Alloy Ventures has over $1 billion under management. For more information, visit www.alloyventures.com.
Palomar Ventures
Palomar Ventures was launched in 1999 by veteran venture capitalists to focus on early stage information technology companies that demonstrate the potential for exceptional growth and market leadership. The founding principle of Palomar is teamwork; partners work closely with portfolio companies to assist them in achieving their objectives. The partners at Palomar have contributed their energy, strategic insight, network of corporate relationships and recruiting skills to assist in building nearly 50 public companies. For more information, visit www.palomarventures.com.
The Roda Group
The Roda Group provides entrepreneurs with the environment, resources and guidance to launch and grow their high-technology businesses. Unlike traditional venture capital firms, the principals of the Roda Group provide hands-on capital and are available to assume significant responsibilities within an enterprise in partnership with the entrepreneurs. Roda Group has funded such companies as Ask Jeeves, CoolSystems, PolyServe, SightSpeed, and Touchpoint. For more information, visit www.rodagroup.com.
About N8 Systems
N8 Systems is revolutionizing the way that software requirements and business processes are developed, validated and managed. Because requirements errors are the primary cause of project failure and budget overruns, companies need a way to identify and correct requirements errors before they become costly mistakes. N8 Systems fills that need with its unique ability to automatically generate normal English text into formal diagrams. Combined with its error detection capability, the N8 Scenario suite of products helps people specify, validate and manage requirements. Founded in 2000, N8 Systems is headquartered in Berkeley, California. The company is privately funded, and investors include Alloy Ventures, Palomar Ventures and The Roda Group. For more information about N8 Systems, visit www.n8systems.com.