After landing more than 500 government and enterprise customers over the last 18 months, Seattle-based Adapx was able to raise another $9 million to expand its business.
The company produces a digital pen that’s used with specially printed forms to capture and upload writing and text input done with the system. Customers include Holland America, NASA and the Port of Seattle.
Salt Lake City-based UV Partners led the series B financing announced today, joining previous investors OVP Venture Partners and Paladin Capital Group. It received $10 million in venture funding in late 2007, plus a strategic investment last July from In-Q-Tel, an investment firm affiliated with the CIA.
UV Partners’ general partner, Jim Dreyfous, is joining the Adapx board.
“The vast majority of field workers still rely on paper for collecting and sharing information, avoiding the expense and complexity of mobile computers and PDAs,” he said in the funding announcement release. “Today’s leaner workforces are facing increased pressure to improve productivity. Teams participating in new infrastructure projects funded by the economic stimulus plan are preparing for greater amounts of paperwork and accountability. Adapx is uniquely positioned to grow with those trends and we’re looking forward to fueling their expansion.”
Chief Executive Ken Schneider characterized the round as market-building funding and doesn’t expect a significant increase in headcount.