Veratect raises $3 million to help pinpoint the world's problems |
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Mass High Tech
Veratect raises $3 million to help pinpoint the world's problems
Veratect, which provides an early warning system to organizations about deadly diseases, civil wars, droughts or other issues that could disrupt business or government activities, has landed $3 million in funding with plans to bring on more.
The financing is a significant achievement given that Veratect's CEO Robert Hart admitted that "it is not the best environment" for venture capital financing. Still, the Kirkland company has been able to attract about $9 million since it was formed last year, with Hart hoping to bring on about $2 million more in the current round.
Veratect's success is tied in part to a strong board and management team, which includes former University of Washington President Lee Huntsman and venture capitalists Denny Weston of Fluke Venture Partners and John Carleton Benaroya Capital.
Hart, who also sits on the board, is a well known entrepreneur in Seattle who is best known for selling Tegic Communications to AOL.
And while Veratect's team is helping secure financing, Hart tells TechFlash that the company also is gaining momentum with customers. Two very large customers are in the process of signing up for the product, an online reporting system of sorts which Hart said is designed to identify possible threats as early as possible.
Quick identification of harmful diseases, for example, could lead a company to postpone construction of a manufacturing plant in Africa or alter a shipment schedule in Asia.
Earlier this year, Veratect was among the first organizations to identify issues with the so-called Swine Flu that ravaged Mexico and other parts of the world.
At the time, Hart compared the company's disease tracking system -- including scientists and analysts in Kirkland and Arlington, Virginia -- to a fire lookout.
"(We) allow our customers to react to the first wisps of smoke rather than only being about to respond to a fully involved forest fire," he said.
In the currrent venture round, Veratect raised money from existing investors such as Benaroya Capital and Fluke Venture Partners as well as some new investors which Hart declined to name.
The company employs 40 people.
John Cook is co-founder of TechFlash. Follow him on Twitter @johnhcook.
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