Matrix Partners and Sigma Partners back Fogbreak with $7.5M
SAN RAMON, Calif. - June 10, 2002 - Fogbreak Software announced today closing of their first round of funding of 7.5 million. Fogbreak Software, the leading provider of Supply Chain Risk Management solutions, delivering new value through strategic liability management to companies by leveraging existing tactical execution systems.
Funding round co-led by Matrix Partners and Sigma Partners will fuel Fogbreak's sales efforts to add new customers, expand product footprint and enhance its core solution. As a part of the agreement, Mark Vershel, partner at Matrix Partners and Mark Pine, general partner at Sigma Partners will join as members of Fogbreak's board of directors.
Fogbreak's solution delivers value through improved operational excellence, by delivering a solution that combines supply chain visibility, real time assessments of agreements and its unique analytics along with liability execution control, Fogbreak provides a high return on investment. For continued success, Fogbreak will expand its strength and experience in supply chain domain along with application development and data integration.
"Fogbreak provides an enormous opportunity to solve a critical problems in the supply chain, specially for manufacturers and OEM's (Original equipment manufacturers) who are working hard to meet the demand along with supply variability and deliver products in a cost effective manner," said Mark Pine, general partner at Sigma Partners. "Fogbreak's solution will address top priority issues for COOs and CFOs of companies trying to continually minimize risks and costs while outsourcing to trusted partners"
"Fogbreak is responding to an industry need, we are overwhelmingly pleased with the early feedback from the market, our solution provides a much needed leverage point in operations & risk management" said Trung Dung, Fogbreak's founder and CEO. "This feedback is validated by such a significant commitment from these two highly respected and successful venture firms in the business, I am thrilled to include them as our investors and business partners".
"As more and more companies outsource, the demand for Fogbreak's solutions will continue to escalate, Fogbreak combines it's technology leadership in products with a speedy deployment model ensuring a rapid ROI(return on investment)," said Mark Vershel." From my personal experience developing ERP and APS solutions, it's clear to me that Fogbreak's applications complement such tactical systems. I'm convinced that customers will embrace Fogbreak's applications, as complimentary solutions."
About Fogbreak
Fogbreak Software is a leading provider of enterprise class software solutions and strategic services that drive financial discipline into the supply chain. Fogbreak’s applications uniquely combine codified agreement information with transactional ERP data to deliver the visibility and predictability needed for maximum cross-enterprise performance. The result is measurable improvement in liability and flexibility to reduce material acquisition cost, reduce excess and obsolete inventory, lower scrap liability settlements, and increase productivity across the supply chain. Designed for discrete manufacturers in high technology, medical and industrial equipment or automotive, Fogbreak's enterprise solution can be implemented in less than three months. Based in San Ramon, California, Fogbreak is a privately held company backed by premier venture capital firms including Greylock Ventures, Matrix Partners, and Sigma Partners. Visit www.fogbreak.com for more information.
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