US-based software firm nabs $10M in Series A funding from Siemens
Polarion Software Inc has secured $10 million in its first funding round from German investment firm Siemens Venture Capital. The capital infusion will fund the startup's global expansion, according to Silicon Valley Business Journal.
Polarion chief Frank Schroeder said: "Siemens investment in Polarion underscores the need for enterprises in industries like automotive, medical devices, electronic engineering, telecoms, manufacturing and aerospace, to gain a 360-degree view of a project's history, current trends and potential challenges. Marking Siemens' first foray into application lifecycle management (ALM), this milestone investment will help Polarion bring its highly sought-after platform to an even greater share of the market."
The San Francisco startup has created the fastest enterprise-scale browser-based application lifecycle management (ALM) software. The product conveniently supports the whole development process of software in a single platform, according to Supply Demand Chain Executive.
Founded in 2005, Polarion currently employs 80 people across its North American and European branches, the report added.