Prismatic, an embedded integration platform, has secured $22 million in Series B funding to drive innovation and simplify integrations for B2B Software-as-a-Service (SaaS) companies.
The funding round, led by Five Elms Capital, marks the growth equity firm’s second investment in Prismatic within a year, the company said in a Wednesday (Jan. 17) press release.
Prismatic’s embedded integration platform, or embedded Integration-Platform-as-a-Service (iPaaS), is designed to help the B2B SaaS industry overcome the costly and time-consuming challenges they face when integrating with other software used by their customers, according to the release.
With an intuitive integration designer, embedded integration marketplace, integration deployment and support and a purpose-built cloud infrastructure, it provides a seamless and scalable experience that allows teams to focus on innovation, the release said.
“Amid SaaS industry challenges, Prismatic’s consistent, strong quarterly growth demonstrates the pivotal role integrations play in the future of SaaS,” Michael Zuercher, CEO and co-founder of Prismatic, said in the release.
The $22 million in funding will primarily be used to expand Prismatic’s research and development (R&D) efforts, fostering innovation and enhancements to the embedded iPaaS platform, according to the press release.
Prismatic introduced an embedded integration designer last year, empowering B2B SaaS companies to provide an exceptional user experience for user-built integrations, the release said.
With the new investment, Prismatic plans to launch future updates and enhancements that will drive even more versatility in the ways SaaS teams can build, manage and embed integrations, per the release.
“We are seeing intense demand across our portfolio of B2B software companies for a platform to help augment integration capabilities,” Austin Gideon, principal at Five Elms Capital, said in the release. “Scaling software companies are able to realize strong returns on investment by utilizing Prismatic’s platform, allowing teams to remain focused on delivering new products to customers.”
In another recent development in this space, Medius, a company specializing in accounts payable (AP) management, said on Jan. 10 that it has partnered with Launchpad Technologies, a provider of cloud-hosted iPaaS, to simplify the integration process and drive digital transformation for businesses.
“Enterprise integration has been a challenge for IT departments, and it is one of the top business needs of our customers,” Matt Rhodus, vice president of business development and strategic initiatives at Medius, said when announcing the partnership.
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