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December 2015 NUI Galway-based Channel Mechanics Raises $2.3M in Angel Funding
Channel Mechanics will leverage the funds to expand its flagship cloud channel management platform, channelIT, into the U.S. and drive employment in Galway
NUI Galway client company, Channel Mechanics, developer of the first cloud-based channel enablement SaaS (software as a service solution), channelIT, just announced a $2.3 million round of angel funding. The funds will be used to expand channelIT to U.S. customers and increase Channel Mechanics' presence there as well. Angel funding has come from principal investors Enterprise Ireland, Konstantin Sidorov from RRC Business Telecommunications Ltd., and Karl Flannery from Knowledge Transfer Ireland and long-time ICT industry executive.
“The development of our U.S. operations has been the highest priority for Channel Mechanics,” said Kenneth Fox, CEO of Channel Mechanics. “We are excited by the growth opportunities in the global market and believe we have the potential to become a very large international success story. With our global headquarters in Galway, the funding will drive employment and expertise in this key market area. The associated benefits which would accrue to Galway and surrounding regions are significant.”
Headquartered at the Technology Transfer Office in the Research & Innovation Centre at NUI Galway with offices in the UK and U.S., Channel Mechanics is an ambitious company founded by IT industry subject matter experts in channel design, channel operations, channel sales and e-commerce. Leveraging this expertise, Channel Mechanics developed channelIT, which provides manufacturers with the tools, data and insights to turn great sales ideas into easily executable market promotions and sales programs, through the right channel partner and to the right customer.
“If you look at the channel and how relationships between each component operate, the potential for innovation is truly astronomical,” said Konstantin Sidorov, lead investor for the round. “By using this platform to optimise operations and activities within the channel, enterprises win on all sides by identifying and eliminating ineffective marketing programs and tailoring existing and new ones to produce even better results.”
“Enterprise Ireland is delighted to support the Channel Mechanics expansion and growth in the U.S. market,” added Edel Coen, VP of Enterprise Software at Enterprise Ireland USA. “Its channelIT platform is a game-changer in the area of SaaS Sales Enablement and a shining example of true innovation coming from Ireland.”
Channel Mechanics currently supports a dozen customers worldwide, including Cisco, Zebra Technologies and Sonus Networks.
For more information or to schedule a demonstration of channelIT, visit www.channelmechanics.com or watch the Channel Mechanics Explainer Video: https://www.youtube.com/watch?v=cvXH7FfnChU