Channel Mechanics, developer of the first cloud-based channel enablement SaaS (software as a service solution), channelIT, just announced a $2.3 million round of angel funding. The funds will be used to expand channelIT to U.S. customers and increase Channel Mechanics' presence there as well.
Angel funding has come from principal investors Enterprise Ireland, Konstantin Sidorov from RRC Business Telecommunications Ltd., and Karl Flannery from Knowledge Transfer Ireland and long-time ICT industry executive.
With a HQ in the Research and Innovation Centre at NUI Galway, Channel Mechanics has offices in Ireland, the UK and the US, with the latter base “the highest priority” according to CEO Kenneth Fox.
“We are excited by the growth opportunities in the global market and believe we have the potential to become a very large international success story,” he said.
“With our global headquarters in Galway, the funding will drive employment and expertise in this key market area. The associated benefits which would accrue to Galway and surrounding regions are significant.”
Channel Mechanics only brought out channelIT a few weeks back, aiming to help customers combine their marketing and sales offerings.
“If you look at the channel and how relationships between each component operate, the potential for innovation is truly astronomical,” said Konstantin Sidorov, lead investor for the round.
“By using this platform to optimise operations and activities within the channel, enterprises win on all sides by identifying and eliminating ineffective marketing programs and tailoring existing and new ones to produce even better results.”
Channel Mechanics - Explainer Video