Digabit, Inc. Raises $3M Series A Financing; Welcomes New Board Member and Chairman
DENVER, Colo., July 30, 2013-- Digabit, Inc., (www.digabit.com) announced today that it has completed a $3 million Series A preferred equity financing. The round was led by Flywheel Ventures, with participation by High Country Ventures and several individual angel investors. Digabit™ will use the additional capital to accelerate product development and revenue growth.
In conjunction with the financing, Trevor Loy, a general partner with Flywheel Ventures, has joined the Board of Directors of Digabit, and has assumed the role of Chairman.
Trevor has more than 20 years of operating, entrepreneurial, and venture capital investing experience in the technology area. He has also served as a Director of the National Venture Capital Association, and he currently teaches "Entrepreneurial Management and Finance" at Stanford University's School of Engineering as an adjunct faculty member.
Joining Trevor on the Digabit board are Alan Sage, the company's CEO and co-founder; Chris Marks, a general partner of High Country Ventures; Louis Woodhill, former CEO and founder of Mission Critical Software (acquired by NetIQ) and co-founder of Configuresoft (acquired by VMWare); and O.B. Seaton, a co-founder of, and major investor in, USIS, a company that grew to over $700 million revenue in 7 years, before being sold for more than $1 billion.
Alan Sage stated that, "Trevor brings a wealth of experience to advising enterprise Software-as-a-Service (SaaS) companies like Digabit, and helping them achieve rapid growth through delivery of compelling products that solve critical customer needs. We are thrilled to add someone with his knowledge and proven leadership to our board of directors."
Commenting on Flywheel's investment, Trevor commented that "Flywheel looks for companies offering compelling products that solve critical problems for global industries. A growing array of equipment manufacturing companies need to integrate their engineering data, ERP data, and parts information to provide Service Lifecycle Management (SLM) capabilities across Internet and mobile platforms. We believe that Digabit's Documoto™ solution, a next-generation web library and parts ordering application, has reached an inflection point in defining an entirely new product category, with a solution now mature enough for mainstream customers. We look forward to helping the company further secure its position as an SLM category leader.
About Digabit, Inc.
Digabit, Inc. (www.digabit.com) is a SaaS provider of Documoto, a modern Web library for technical documentation, including electronic parts catalogs, and a suite of supporting products: Docustudio™, Docuview, and soon-to-be-released, Documobile. Digabit provides solutions for aftermarket sales, ERP integration, and 3D parts catalogs for manufacturing companies and asset intensive industries. More information, including product demonstrations, are provided at www.digabit.com.
About Flywheel Ventures
Flywheel Ventures (www.flywheelventures.com) is a venture capital firm that empowers entrepreneurs to build globally-competitive businesses based on innovations in information technology and the physical sciences. Flywheel typically makes seed and early-stage investments in companies with origins in the American Southwest, Rocky Mountain, and Midwest regions. The firm matches talented entrepreneurs and market opportunities with Flywheel's capital, entrepreneurial experience, and industry relationships to accelerate innovations into profitable companies. Flywheel is based in New Mexico, with additional offices in Silicon Valley, Arizona, and Montana.
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