Web applications management provider Tonic Software recently secured $28 million in a Series B financing lead by BA Venture Partners.
Sevin Rosen Management Co., which had led the issuer’s $5 million Series A deal also participated alongside Dell Ventures, Intel 64 Fund, Dain Rauscher Wessels, and CXO Media.
Tonic’s software capabilities range from initial Web site development through final production. Software characteristics include loading and testing sites prior to launch, continuous monitoring, root-cause analysis and automated error correction — minus human intervention.
Kate Mitchell, managing director with BA Venture Partners, took a seat on the Tonic board as part of the agreement.
“Frankly I think that both the success and demise of the Internet have been exaggerated,” she said. “What’s clear is that the Internet is a channel that is here to stay staying for lots of, what we consider to be, Old Economy companies, Fortune 1000 companies as well as the smaller companies.”
Currently headquartered in Austin, Texas, Tonic also has offices in Boston, New York, Chicago, Dallas, San Diego, San Francisco and Basingstoke, England.
Shannon Jarrell can be contacted at Story Feedback.