Salion has secured $7 million in first-round funding from Austin Ventures. AV Labs, which focuses on early-stage, B2B companies, is among the investors. The company, which currently employs 28 people, intends to use the funding to build sales and development teams as the company prepares to launch a initial public offering in the coming months.
Salion currently leases a floor of the 12-story Perry Brooks Building at 720 Brazos, across from the downtown Omni Hotel. A company source tells GlobeSt.com Salion is likely to outgrow its current space given expansion plans and will soon start looking for new office space. Officials are hoping to be in a new spot within the year.
Company officials are optimistic about Salion's growth potential, even in the midst of the downturn in technology companies' stocks. The company has developed the programs Proposal Manager, Insight Manager and Business Link to help suppliers manage workflow, bids and sub-suppliers.
Austin Ventures, with more than $3.1 billion in capital under its management, is one of the largest venture capital firms in the southwest. Austin Ventures' investments include companies such as Tivoli, Vignette, Motive, Crossroads and Silicon Labs.
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