Hatsize secures $5 million in funding to expand operations
Calgary’s Hatsize, a cloud computing company that hosts demos for new start-ups, has raised $5 million in a first round of financing to facilitate “aggressive global expansion,” according to VentureBeat.
There are a number of potential uses for the service, but the largest is providing companies with demonstrations and setting up training sessions for complex programs and hardware — like those found in medical services. Businesses have already logged more than 1 million hours using the web service.
Hatsize became profitable in 2005. Its only other funding came from a seed funding round in 2001, when it raised $700,000. The Canadian company was founded in 2000 and has between 30 and 50 full-time employees. The most recent round of fundraising brings Hatsize’s total funding up to $5.7 million.
A press release on Hatsize’s website mentions that the funding came from Golden Seeds and the Business Development Bank of Canada (BDC). As well, they have revealed that New York technology investor Jim Estill will join the Hatsize Board of Directors.
It’s been a good year for Hatsize; in February, they won the 2010 Canadian Financing Forum Award and were selected to present at the February Investment Forum in New York.
