DAILY DEAL
Innotas
By George White.
Published September 19, 2006.
Oakland, Calif.-based Innotas, formerly known as Project Arena, has emerged with a $5.5 million initial round of venture funding. The company is developing an on-demand Project Portfolio Management product, specifically designed to meet the needs and cost constraints of mid-sized organizations, that ensures a 10%-to-20% reduction in hard costs. The Software as a Service startup is backed by ComVentures of Palo Alto, Calif., ArrowPath Venture Partners of Redwood Shores, Calif., and Cedar Circle LLP. The company, which started in 2000, plans to use the proceeds for marketing, to augment the sales force and for product development. CEO Keith Carlson said its goal is to triple the company's revenues each year for the next three years, and grow our user base from 2,000 to 25,000 users within three years. Innotas designs on-demand software for mid-sized organizations.
