BPM Software Co. Antarctica Systems Raises $4.2M Series C

Vancouver -- Antarctica Systems Inc., a provider of business performance management software, said it raised C$4.2 million ($3.2 million) in Series C financing. Returning investors GrowthWorks and BDC Venture Capital co-led the up round that also included new investors Springbank Tech Ventures and Greenstone Venture Partners as well as existing investor RBC Capital.

As a result of the round, Bill Tam of Springbank Tech Ventures and Livia Mahler of Greenstone Venture Partners join the board that also includes Yates; Donna Bridgeman, vice president of investments at GrowthWorks Capital; Andrew Lugsdin, director of BDC Venture Capital; and Jim Fletcher, president of Northwest Venture Developments.

Yates said Antarctica is looking for at least one additional independent director. Proceeds will be used for sales and marketing as well as product development. Yates said the company focuses on the fact that in the BPM space, most current offerings are for the "power user" who knows how to "slice and dice" data. But 80% to 90% of users don't fall into this category; instead, they are everyday customers who don't want to have to go through a two-week training program.

Antarctica produces a "very intuitive format" that makes data "very visual," Yates said. The company said its flagship product, Visual Net, enables users to analyze issues and, ultimately, make better decisions. Mahler said the product "addresses a tremendous pain in the market," going so far as to call it a "must-have product." She said the product queries very rapidly and presents information visually. "It simplifies the presentation of information and allows users to ask questions they didn't even know they should ask," she added.

The bulk of Antarctica's focus is on wholesale distributors, but the company also targets the U.S. government and OEMs. Over time, it will look at additional verticals including financial services and retail.

The funds are expected to last through profitability, anticipated in June 2005. Antarctica, founded by XML co-creator and Open Text founder Tim Bray, formerly developed data mapping software for users to navigate and browse information across multiple databases. It shifted from search and retrieval to BPM at the end of 2003. Yates said there was interest in both areas, but more urgency - and potential clients willing to "spend serious money" - on the BPM side.

The Vancouver, B.C.-based company had raised approximately C$6.5 million prior to the round. Previous backers include Bosa Ventures, Royal Bank Capital Partners, the Working Opportunity Fund and Primaxis Technology Ventures. Antarctica has 23 employees, but Yates said the company is hiring in all departments and he expects to have about 50 by the end of the fiscal year.