TROY >> A Troy-based business with an international presence announced this week that they have secured $24 million in new venture funding for their software cloud technology business.
The business started in a 400-square-foot space that was an old golf clubhouse in Clifton Park when the three founders Sinclair Schuller, Matt Ammerman and Abraham Sultan were leaving Saratoga Springs-based Eden Communications. They started out working nights and weekends on the company until they raised their first $1 million.
“After pitching to 70 different places, ultimately we got the funding in our own backyard,” said Ammerman, 36, a 2001 graduate of UAlbany. His co-founders are graduates of Rensselaer Polytechnic Institute.
It was once that first round of funding from High Peaks Venture Partners, formerly based in Troy, was secured that they all quit their full-time jobs at the time and hired more staff members.
While a business like this might normally be found on the west coast’s Silicone Valley, Forbes recently called the business an “Anti-Silicone Valley start-up”.
“There are a lot of reasons to stay in the area, including proximity to our customer base,” explained Ammerman about financial institutions and healthcare headquarters in Manhattan. “There is a lot of activity on the east coast.
The ingredients are here for this type of company to thrive.”
The business has about 50 employees at its headquarters in Troy, with offices also in Manhattan and Holland. Their plan over the next several months is to hire 25 more people in Troy and another 20 for their other offices, said Ammerman.
The growing business moved to Troy last year after a Capital District-wide search, many of the employees have also since moved to Troy, he added.
“We’re a growing company and adding more people. We’re doing innovative things. That’s what’s happening in Troy as well,” Ammerman continued. “Troy is undergoing a resurgence. It’s a parallel of what we’re going through.”
The business, which will be accelerating their product development, marketing and sales with the new venture capital, is located on the 4th floor of the Hedley building in Troy.