Team collaboration platform Symphony secures US$165M
Team collaboration platform Symphony Communication Services announced today that it has raised US$165 million in new capital from Standard Chartered and MUFG Innovation Partners Co., Ltd., along with a group of existing and other investors.
With the new funding, the Palo Alto-based company that also has its headquarter office in Singapore will bring the total capital raised to over US$460 million.
Starting off with a messaging platform, Symphony claims that it has expanded into a collaboration platform that facilitates the digital transformation of financial markets.
“We are pleased to welcome Standard Chartered and Mitsubishi UFJ Financial Group to our strategic investor community. Symphony’s community is coming together to build stronger connections, automation, and expanded customer reach as part of their digital transformation initiatives,” said David Gurlé, founder and CEO of Symphony.
The company was founded four and a half years ago and said that the investment is timely given that it’s been gaining momentum. A total of 430,000 users with license comes from over 60 countries.
In addition to the funding, Symphony also launches of Symphony Market Solutions. It is a new business that seeks to help customers speed up their digital transformation initiatives via workflow automation along with a suite of standardised, licensable software solutions.
Symphony will use the new capital to evolve its new Market Solutions business, to accelerate growth in both its current and new markets and further build out its feature stack to deliver new innovation to enterprises as they replace traditional collaboration tools.