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Laxman Pai, Opalesque Asia: The California firm Scale Venture Partners has raised $600m for its seventh early-stage technology fund - Scale Venture Partners Fund VII.
The Silicon Valley-based venture firm said in a press release that the fund, which was strongly supported by existing and new investors, continues the firm's strategy of investing in cloud and SaaS software companies that are transforming how enterprises work.
Scale's previous fund, the $400 million Fund VI, closed in July 2018, it said.
Fund VII will build on the focus areas that have driven our success to date: future of work technologies, cloud infrastructure, industry verticals, and security," said Andy Vitus, Partner at Scale Venture Partners.
"We are increasingly interested in how machine intelligence, widespread platform interoperability via APIs, and automated data capture allow a new class of enterprise software that we've come to call 'Cognitive Apps.' These applications sit on top of today's SaaS platforms to fully automate simple tasks and augment users performing complex tasks. We expect more AI-first companies to make creative use of algorithms, connectivity, and real-world data to build capabilities that were not previously possible," Andy added.
According to the release, Scale has experienced strong momentum recently in terms of the performance of its investments and the growth of its team. Recent public offerings from Scale's portfolio include Bill...................... To view our full article Click here
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