Mark Geene just wanted to get point of sale data into his startup’s software.
But that data came in different languages and different software programs.
So he and Vineet Joshi did what software developers do: they built each connection by hand, feeding data from different sources into Channel Insight, the startup where both men worked at the time.
When it was over, the pair saw an opportunity to build software that would more easily link those different software programs. The resulting company, Cloud Elements, has filed with the SEC for $1.2 million in funding, according to a document dated Sept. 7. Documents show it has received $400,000 so far.
“We’re in the process of raising additional capital,” said Geene, mostly to hire sales and marketing employees as well as employees that work with existing customer accounts or field customer support queries.
The paperwork filed this week is a bridge loan from existing investors, the company said. Cloud Elements plans to raise additional funding for a series B, which will include this loan.
Cloud Elements, founded in 2012, has 50 employees and is looking to hire another 30 by halfway through next year.
The startup lets a customer, like Denver-based webinar startup ReadyTalk, upload profiles for each participant on a call into different kinds of contact management or marketing software.
Rather than learn how to custom code a link to one brand (say, HubSpot) and then build a different link to another (say, Marketo), ReadyTalk has one connection to Cloud Elements. The software can also make sure the contact remains updated across every other piece of software ReadyTalk uses, like its accounting and finance systems.
“Companies are using dozens and dozens of applications to run their business,” said Geene. “We sell to application developers. They want to connect their applications with applications used by their customers and partners.”
Because, he added, if they don’t connect to the programs customers already use, they could lose out on an account.
Customers can use Cloud Elements to connect to software from brands including Etsy, MailChimp, DropBox, Shopify, Google Drive and Salesforce.
Headquartered at Industry, the company has raised $8.5 million to date, according to SEC filings. Investors include Denver-based Access Venture Partners.
Cloud Elements does not disclose its revenue, but Geene said it is on track to increase sales 300 percent this yea,r and is not yet in the black.
He said the company has hundreds of customers, who pay $600 a month or more, depending on how many software applications they access. Cloud Elements is free to use for software developers adding their application to Cloud Elements.
“We estimate it’s nearly a $100 million market opportunity,” Geene said.