Platform-as-a-Service vendor Mendix has received $12.8 million in first-round venture funding, money the Boston-based company will use to expand its sales efforts and continue building its partner network.
While most companies seek first-round funding when just getting started, Mendix launched its product in 2007 and already has a significant customer base that includes Genzyme and General Electric.
The Mendix Agile Business Platform helps businesses develop, deploy and manage applications -- particularly apps that extend existing IT systems. Mendix's go-to-market strategy is to rely on channel partners, including VARs that work with specific IT vendors and those that focus on vertical industries, to expand sales, said CEO and co-founder Derek Roos. The company is currently working with more than 100 channel partners.
The components of the Mendix platform, which is currently on its 3.0 release, are based on the agile development methodology: The Sprintr collaboration portal for planning, Mendix App factory for development, and Mendix Paas for deploying and managing applications. The apps can be deployed on-premise, in the cloud or on mobile devices.
While many PaaS technology vendors target their products toward developers, Roos said the design of the Mendix platform is geared toward enabling business users and making them less reliant on the availability of IT resources.
The CEO said Mendix has experienced triple-digit growth since its launch and the company is profitable. The venture funding, led by Prime Ventures, is needed to maintain the company's growth and fund its international expansion.