The new funding will help us to continue the development of our technology that is designed to help our clients make science-based staffing decisions for hiring, employee development and succession purposes. No longer will they have to wait months to deploy a fully branded assessment process. They will be able to do so in a matter of hours.
Montreal, Quebec (PRWEB) September 3, 2008
Inscape Software (formerly HR Alloy), a leading provider of on-demand integrated assessment solutions, announced today that it has previously this summer secured $7 million in series B funding led by Solidarity Fund QFL (the "Fund"), an important labor-sponsored investment fund dedicated to investing in the economic development of Quebec. Series A investors Rho Canada Ventures, L.P., Rho Investment Partners Canada, L.P. ("Rho") and Garage Technology Ventures Canada L.P. ("Garage") also participated. Fund's participation is now held by one of its wholly-owned specialized investment funds.
Inscape Software will use the funding to continue the development of its innovative software-as-a-service (SaaS) platform that helps organizations author and deploy selection, employee development and succession assessment solutions. The company's clients include corporations, human capital management consulting firms, and leading psychometric test publishers.
"We're delighted to have the Fund, Rho, Garage and their network supporting us," said Inscape Software CEO François Plamondon. "The new funding will help us to continue the development of our technology that is designed to help our clients make science-based staffing decisions for hiring, employee development and succession purposes. No longer will they have to wait months to deploy a fully branded assessment process. They will be able to do so in a matter of hours."
About Inscape Software:
Inscape Software delivers on demand assessment solutions tailored to clients' needs. They can choose from a portfolio of best-of-breed tests or build in their own; they can customize their processes and reports and can also present candidates with realistic job simulations through user-friendly interfaces - simply, quickly and economically (http://www.inscapesoftware.com).
About Solidarity Fund QFL:
With net assets of $7.3 billion as at May 31, 2008, the Solidarity Fund QFL is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 1,881 companies. It currently has more than 575,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect over 126,000 jobs. For more information, visit http://www.fondsftq.com.
About Rho Ventures and Rho Canada:
Rho Ventures, a division of Rho Capital Partners, has been backing emerging and high growth companies since its inception in 1981. Venture capital and growth equity funds under management currently exceed $1.4 billion. Rho Ventures has invested in approximately 200 companies and helped build market leaders across many high growth industries. (http://www.rho.com)
Rho Canada, also a division of Rho Capital Partners, is based in Montreal and is dedicated to backing leading, early-stage technology-based companies in Canada. Rho Canada is currently investing its first fund, which was established in 2006 with $100 million in capital commitments. (http://www.rho.com/venture_capital/canada/canada_about.html).
About Garage Technology Ventures and Garage Technology Ventures Canada:
Garage Technology Ventures Canada is a Montreal-based seed-stage and early-stage venture capital fund focused on investing in Canadian technology start-ups with strong intellectual property and disruptive or market-shaping potential in global markets. Garage Canada is the exclusive Canadian affiliate of Garage Technology Ventures (Palo Alto, CA). (http://www.garagecanada.com)
Garage Technology Ventures is a seed-stage and early-stage venture capital fund headquartered in Palo Alto, California, with investors that include Thomas Weisel Partners and CalPERS, the California Public Employees Retirement System. Garage is focused on information technology and materials science start-ups in the Western U.S. (http://www.garage.com).
For further information:
514- 939- 5602
gbureau @ inscapesoftware.com