PaaS Provider Eccentex Secures $7.5 Million in Initial Funding

Platform-as-a-Service startup Eccentex Corporation was recently given an injection of funding to the tune of $7.5 million.

The funding is led by VTB Capital, which focuses on arranging operations in the debt, equity and global commodities markets, advising clients on M&A and ECM deals in Russia and abroad.

Eccentex, which offers dynamic case management (DCM (News - Alert)) cloud services, said the funds will be used to continue the company’s expansion into markets using advanced case management solutions. DCM is defined as “structured and unstructured business processes initiated by an event that needs investigation and response,” according to Eccentex officials.

The Culver City, Calif.-based company is “dis-intermediating” the case management market – estimated to be as large as $12 billion – by offering a cost-effective platform for companies challenged with processing service requests, incidents and investigations, according to Glen Schrank, CEO of Eccentex.

“We are pleased by the recognition and support of an organization with the reputation and financial breadth and depth of VTB Capital. We intend to continue our significant lead in bringing valuable case management capabilities to a broad set of industries that need to handle cases better,” Schrank said in a company statement.

VTB officials said Eccentex is a pioneer in recognizing the need for dynamic case management services in the cloud.

“Eccentex was early to recognize the tremendous need in the marketplace to provide better solutions,” said Aidar Kaliev, head of VTB Capital's venture business. “With a superior technology platform, core set of customers, solid solution, and a vast and expanding market, Eccentex is poised to grow substantially as companies look to become more efficient and nimble in managing their external and internal customer experience.”

The company’s PaaS offering AppBase, has been deployed by organizations in banking, insurance, healthcare, and government, allowing them to reduce costs by more than 50 percent as well as improve customer service outcomes by 40 percent, company officials said.

DCM solutions incorporate technologies from several areas, including Business Process Management (BPM), Enterprise Content Management (ECM), Business Intelligence (BI), Rules Engines and collaboration such as social media.

Eccentex, which was established in 2006, has customers around the world that utilize its cloud-based case management platform AppBase to build on-demand Software-as-a-Service (SaaS (News - Alert)) applications.