ProspX Secures $6.5 Million in Series A Funding
Company to Deliver SaaS Applications for the $500 Billion Commercial
Insurance Industry
AUSTIN, Texas (Business Wire EON/PRWEB ) December 18, 2008 --
ProspX, Inc., a developer of collaboration and automation applications
for the commercial insurance industry, today announced that it has
secured $6.5 million in Series A funding. The funding round was led by
Adams Capital Management and will be used by ProspX to expand
development and marketing of its unique multi-party collaboration
systems specifically designed to streamline processes for the commercial
insurance industry.
“The commercial insurance industry is ripe for technology solutions that
improve collaboration and the flow of business - especially because
current offerings fail to address the multi-party nature of this
important industry segment,” said Martin Neath, general partner, Adams
Capital Management. “We look forward to working with the management team
as ProspX brings to market technologies that will transform the business
of commercial insurance.”
As a $500 billion a year market, the commercial insurance industry
provides services for hundreds of thousands of customers worldwide. To
improve the flow of business for these customers, ProspX has developed a
collaborative online Software-as-a-Service (SaaS) application platform
designed to help commercial insurance agents, brokers and carriers
accelerate the selling process.
“Our goal is to improve many of the inefficiencies that exist in today’s
commercial insurance industry,” said Todd Young, CEO of ProspX. “With
the support of Adams Capital Management and our talented team, we can
execute on our vision of enabling insurance entities to grow and profit
from the opportunities automation can provide to this expanding market.”
About Adams Capital Management
Established in 1994, Adams Capital Management (ACM) is a national
venture capital firm with $815 million under management. ACM is a lead
Series A investor that is noted for its domain and operations expertise
in the information technology, networking infrastructure and
semiconductor industries. ACM's discontinuity-driven investment strategy
targets emerging growth companies with disruptive technologies that
yield innovative products with the potential to define and dominate
their categories. For more information visit www.acm.com.
About ProspX
ProspX develops on-demand collaboration and automation solutions that
improve productivity for agencies, brokers and carrier partners in the
commercial insurance industry. ProspX is headquartered in Austin, Texas,
and is privately held with funding from Adams Capital Management. More
information on ProspX is available at www.prospx.com.
ProspX is a trademark of ProspX, Inc. All other company and product
names mentioned are used only for identification and may be trademarks
or registered trademarks of their respective companies.
See the original story at: http://eon.businesswire.com/releases/adams_capital/capital_management/prweb1770644.htm
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