A Baton Rouge-based software company has netted a $600,000 combined investment from a Florida-based software company and two Louisiana venture development funds.
eRisk Consulting, which caters to construction and real estate companies, received $150,000 from The Catalyst Fund, managed by Baton Rouge’s Innovation Catalyst. It also received a combined $450,000 investment from Louisiana Fund II, an early-stage venture capital fund, and Core Associates of Jupiter, Florida.
A news release says the cash infusion will help eRisk accelerate the development of its mobile app, eNTERFACE, which allows companies to automate paper processes into a single mobile platform.
“We are very excited about our recent fundraising efforts. Our new partners will bring capital resources, as well as industry expertise and strategic global positioning in the U.S., Canada, New Zealand and Australia,” eRisk President Chris Jordan says in a statement. “eRisk plans to use a significant portion of the funds for manpower expansion and to help strengthen the scalability of the platform.”
eRisk, he adds, plans to roll out the eNTERFACE1 mobile platform in mid-2017.
“This enhancement to our existing platform will allow us to deliver a broad library of custom business process applications inside a single enterprise portal solution; it will be a true industry game-changer,” Jordan says.
In a statement, both Innovation Catalyst’s Louis Freeman Jr. and Rick Babb, managing director of the Louisiana Fund II, expressed excitement about the Baton Rouge company and its product.
“eRisk is a home-grown, high-growth technology company that will positively impact Louisiana’s entrepreneurial ecosystem and will complement our portfolio of companies,” Freeman says.
Core Associates—the maker of TimberScan, an accounts payable processing and content management software for Sage 300 CRE users—also expressed optimism about eRisk Consulting.
In May, the two companies entered into a license agreement to offer TimberScan users a brand new form and application development platform.
“We’re thrilled to be a part of both firms’ continued success,” says Bernard Ross, the company’s chief strategy officer.