Kaleo, the company behind an enterprise search Software-as-a-Service application, has announced a $1.5 million funding round led by Greycroft Partners that will help the company grow its customer base and port its product to new platforms.
The new investment included participation from Double M Partners and TenOneTen Ventures, a new venture firm founded by Gil Elbaz and David Waxman. The company had previously raised $500,000 from Bill Gross’ Idealab.
Kaleo helps enterprises create a knowledge database that employees can turn to for relevant information about the company, such as preferred protocol and processes. The idea is that employees input information and answer questions on specific topics that are then tagged and stored. The SaaS app is a turnkey solution, so it works across enterprises without requiring extensive customization.
Kaleo CEO Phil Hui-Bon-Hoa said in a statement:
We’re proud to say we were able to create a robust yet elegant application that immediately adds value to any enterprise experiencing technological and process change. With this funding, we are now eager to take this ready-to-go solution to broader audiences.
The company has also announced the appointment of William J. O’Brien as Chief Revenue Officer. Double M Partners founder Mark Mullen will be joining Kaleo’s board.
The race to crack the enterprise search and knowledge management field is a fierce one, as it’s a problem that both needs solving and has a clear revenue opportunity. Earlier this year, Google veterans launched SRCH2 to that end. In April, Salesforce added topics and expertise sections to its Chatter enterprise social network to help companies better organize their internal information.
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