News Column

RedOwl reports $4.6 million in new financing

June 24, 2014

By Natalie Sherman, The Baltimore Sun



June 24--Baltimore data analysis firm RedOwl Analytics announced Tuesday it has raised $4.6 million in new capital from investors, including several San Francisco-based venture capitalists and Under Armour CEO Kevin Plank.

The company, founded in late 2011, is developing software that allows corporations to sort through employees' digital trail, tracking behavior to spot potential problems. RedOwl said in a release the new Series A financing will allow it to improve its product and add clients in industries such as financial services.

"It's now entirely about execution," wrote Guy Filippelli, RedOwl's CEO, in an inaugural post on the company blog.

A former Army officer and gradaute of West Point, Filippelli also studied at Oxford as a Marshall Scholar and co-founded Berico Technologies, a Reston-based data analysis firm that works primarily with the federal government.

Last year, RedOwl raised $2.75 million using debt securities, according to a public filing. At the time, it had no revenue to report. Previous investors include TEDCO, the Maryland Technology Development Corp., which was created by the state legislature in 1998.

New private investors in this round of funding include Marc Benioff, CEO of salesforce.com; Igor Sill of Geneva Venture Group; and Plank through Sagamore Ventures. Plank's Sagamore is also the entity backing the redevelopment of Recreation Pier in Fells Point into a hotel.

RedOwl employs about 15 people in its Federal Hill headquarters and about five more in New York City, a company spokesman said. With the additional funding, the firm expects to hire additional employees to improve the software and expand, he said.

nsherman@baltsun.com

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Source: Baltimore Sun (MD)


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