TechnoMile Secures Funding to Accelerate Investment in Innovative Cloud Solutions for Companies Doing Business with the Government
MCLEAN, Va., August 3, 2021-- MCLEAN, Va., Aug. 3, 2021 /PRNewswire-PRWeb/ -- TechnoMile, a leading provider of innovative cloud solutions that empower companies to pursue, win and retain more business with the government from capture through contract, today announced that it secured a $20 million commitment from K1 Investment Management ("K1"), a leading investment firm focused on high-growth enterprise software companies. With the funding, TechnoMile plans to accelerate hiring across all areas of its business and continue to enhance its best-in-class cloud platform supporting the complex and evolving buying, selling and compliance needs of government contractors.
TechnoMile provides a cloud software platform that improves efficiency, delivers actionable insights, and mitigates risk throughout the entire capture-to-contract process. TechnoMile's platform unites internal and external data sources and applies artificial intelligence to produce unique outcomes that help clients win more federal, state and local contracts – on average, boosting win rates by 11%. Post award, the platform delivers automation and machine learning to streamline contract administration, while easing the burden of maintaining compliance and audit-readiness throughout the contract lifecycle.
"Too often, we see government contractors trying to make do with mainstream CRM and contract management solutions that don't contemplate the specialized requirements of doing business with the government. TechnoMile is on a mission to change this by providing technology that's purpose-built to supporting our industry's complex needs, leveraging data mining, AI and machine learning to give a competitive edge," said Ashish Khot, Founder and CEO of TechnoMile. "Given the market's demand, the timing was right to secure a funding relationship with K1, who believes in our vision of helping customers work smarter and drive growth through industry-specific platforms. Additionally, K1 has an impressive track record of helping growth-stage companies scale through maturation of their operational discipline."
"We were looking for a partner that would help us digitize and automate our business processes and further drive the adoption of scalable, repeatable processes across our business development team, all of which we view as critical to achieving our future growth vision for our company," said Scott Bisciotti, President and CEO of Command Post Technologies. "TechnoMile was able to support these objectives, plus deliver value beyond a traditional CRM, given that their solution is specifically designed to support the unique processes and lifecycle of government sales. We're now more efficient and effective in our qualification and pursuit of contract opportunities and have exceptional visibility into our pipeline and the financial impact of any changes. Our adoption of TechnoMile's solution has been vital to accelerating CPT's growth trajectory."
2020 was a record-breaking year in TechnoMile's history in terms of new client acquisition and revenue growth, with demand continuing through the first half of 2021. The company's solutions are now relied on by 10 of the top 15 defense contractors and more than 50 percent of the top 200 government contractors.
"The government contracting industry has endured underinvestment in technology for years," said Christian Grant, Vice President at K1. "We are thrilled to partner with Ashish and the TechnoMile team to execute upon their vision of providing a world-class, integrated solution for contractors doing business with all levels of government, driving operational excellence."
TechnoMile is a leading provider of innovative cloud solutions that empower companies to pursue, win and retain more business with the government from capture through contract. With TechnoMile's best-in-class cloud platform, companies gain unique competitive insights, source contact intelligence, automate and de-risk the contract lifecycle, foster stronger relationships with partners/suppliers, and, ultimately, gain a competitive advantage that results in more contract wins and serves as a catalyst for continued growth. TechnoMile serves more than 150 clients, including 10 of the top 15 defense contractors and more than 50% of the top 200 government contractors. For more information about TechnoMile, visit technomile.com or follow us at linkedin.com/company/technomile.
K1 builds category-leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses to achieve successful outcomes, and invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 120 professionals, K1 and its operating affiliate, K1 Operations LLC, change industry landscapes by assisting with operationally-focused growth strategies designed to assist portfolio companies scale efficiently. Since inception of the firm, K1 has partnered with over 160 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, IronScales, Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more information about K1, please visit k1capital.com or follow us at linkedin.com/company/k1im.
Shayne Forsyth, TechnoMile, 832-215-5692, firstname.lastname@example.org
Venture Capital Database