Indianapolis-based tech startup Zylo Inc. has landed $3.3 million in seed funding from several institutional and individual investors, it announced Thursday morning.
Among the investors are three well-known names in the local tech community—Interactive Intelligence founder and CEO Don Brown, ExactTarget co-founder Peter McCormick and Baker Hill co-founder Mark Hill.
Zylo—a software-as-a-service, or SaaS, company that helps enterprises manage their SaaS subscriptions—was launched in June out of High Alpha Studio, the Indianapolis-based startup and venture firm.
High Alpha Capital, the venture arm of High Alpha Studio, is among the institutional investors, along with GGV Capital of Menlo Park, California, and SV Angel of San Francisco.
“With SaaS spending surpassing $200B per year, we see an enormous opportunity for Zylo to become the definitive software platform that organizations rely on to better manage and optimize their mission critical SaaS investments,” said Zylo CEO Eric Christopher in a written statement. “We’re thrilled to be working with such an impressive group of Silicon Valley investors, SaaS experts and software luminaries who are committed to help us achieve our big vision for the future of SaaS."
Zylo said it will use the funds to grow its sales, marketing and engineering workforce. Among the hires will be engineers with specific expertise in data science and machine learning.
The firm was launched with five employees.
Zylo’s product is intended to be a home base for chief financial officers, chief information officers and other senior executives. The application does three main things: tracks spending, assesses utilization and gauges user sentiment.
The platform's insights can guide companies to increase investments on some services, Christopher told IBJ earlier this year, cut spending on others, and even eliminate redundant subscriptions by two or more unaware departments.
Zylo's customers include Appirio, Zendesk, Smartling and Power Reviews.
High Alpha Studio was founded in 2015 with $35 million in capital to help start and nurture business-to-business software firms.