Walking Stick raises $2m from Prithvi Information

KOLKATA, India — Walking Stick Solutions has raised $2 million in initial funding from the Hyderabad-based Prithvi Information Solutions.

The funding will be used to expand Walking Stick's operational growth and to help launch additional services and products, the company said.

Founded in 2006, Walking Stick Solutions provides professional services and technology products to assist companies that need support for current enterprise resource planning systems. The company's global headquarters are in Kolkata and its North American headquarters are in Atlanta at Georgia Technology's Advanced Technology Development Center.

"We are excited about the vision of Walking Stick and its founding team, and believe it is highly synergistic with our growth plans," said Prithvi Information Solutions' chairperson Madhavi Vuppalapati. "We are well-positioned to help the founder, Dr. Anindya Datta, and the Walking Stick management team, build a large, world-class enterprise."

"In an era of vendor consolidation in the enterprise application software sector, enterprises need low-risk, high-value technology solutions to help them protect their application software investments and reduce the switching costs of moving to newer generation platforms," said Datta. "We intend to significantly impact the way enterprises maintain legacy software applications and migrate to future solutions."

Datta has more than two decades of experience as an executive entrepreneur, IT innovator and academic leader, having contributed to some of the key commercial technologies currently in use in the high performance data management area. In 1999, Datta founded Chutney Technologies based on work he and his graduate students performed while he was on the faculty of Georgia Tech.

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HiWired nabs $5m in first funding round

NEEDHAM, Mass. — HiWired, a provider of remote technology management services for homes and small offices, has raised a $5 million in a first round of funding, co-led by Kodiak Venture Partners and Sigma Partners.

The company raised $1.6 million from angel investors in an earlier funding round.

HiWired will use the funding for partnership and marketing efforts, technology development, and management team growth, the company said. Chris Greendale of Kodiak Venture Partners, and Robert Davoli of Sigma Partners will join HiWired co-founders Singu Srinivas and Michael Wexler on the company's board of directors.

"Kodiak and Sigma bring us invaluable experience in creating successful go-to-market strategies and operating models," said Srinivas. "We are delighted to have Bob Davoli and Chris Greendale on our board. The ability to leverage their combined technology services expertise will give us a significant competitive advantage."

"HiWired has all the characteristics venture capitalist look for in a good investment," said Kodiak's Chris Greendale. "The company has a seasoned management team with broad based operations and industry expertise, and has identified a large market with tremendous opportunity."

The Needham-based HiWired was founded in 2004. HiWired partners with electronics manufacturers, retailers and Internet providers to offer remote technology management services to consumers and small businesses.

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Encover attracts $8m funding for on-demand software

MOUNTAIN VIEW, Calif. — Encover Inc., a provider of on-demand software and services for manufacturers, has raised $8 million in funding. Chicago-based Baird Venture Partners led the financing round with participation from previous investors Sigma Partners and Doll Capital Management.

Devin Mathews, a principal at BVP, will join the Encover board of directors alongside Peter Solvik, managing director, Sigma Partners; Tom Blaisdell, general partner, DCM; Sridhar Krishnan, Encover's founder and chairman; Sherry Paterra, partner at Paterra and Iguchi; and Chip Overstreet, Encover's president and chief executive officer.

"Baird Venture Partners invests in high-growth, technology-enabled services companies that solve very difficult business problems," said Devin Mathews, principal of Baird Venture Partners. "Service contract sales is a complex business process, particularly in multi-tiered distribution environments, and Encover has proven its ability to drive substantially higher revenues for its manufacturer and channel partner clients. Encover's unique technology is a key differentiator and driver for the business, and we are very excited to be part of the team."

"Encover more than doubled revenues last year, and we brought on some of the top names in the high tech sector," said Chip Overstreet, president and CEO of the Mountain View-based Encover. "We now have a network of several thousand resellers successfully leveraging our services, and the base is growing rapidly each month. This round of funding will enable us to continue ramping our business, and we're looking forward to working closely with Baird Venture Partners and our other investors as we take Encover through the next phase of growth.”