Coolfire Solutions, creators of a situational awareness delivery platform, raised $11.5 million in an oversubscribed Series B financing. An undisclosed strategic investor led the investment round along with significant follow-on investment from Clayton Venture Partners, the venture capital arm of Enterprise Holdings Inc.
The Series B funding builds on a year of achievement for Coolfire which saw a growing list of customers, platform upgrades, and expansion of its partner program. Recently, the company’s Ronin Platform was selected, in partnership with the U.S. Department of Homeland Security, for the Smart City IoT Innovation Lab program. The St. Louis-based software company plans to use the funds to aggressively accelerate sales, marketing, and product development for commercial industries.
Clayton Venture Partners’ participation marks its second investment in Coolfire Solutions.
“Since the last investment, the Ronin Platform has made some key advancements and helped the Enterprise rental car business make significant technology upgrades,” Robert Wetzel, vice president of corporate development at Clayton Venture Partners, said in a statement. “This investment further cements the relationship between the two companies and positions Coolfire Solutions to accelerate its already impressive growth.”
Additional investment came from numerous new and existing investors including the IrishAngels investing group.