CARY – A provider of a software-as-a-service platform for aviation clients with ties to Cary has raised $50 million in a Series B funding round.
Portside announced the funding in a statement, noting that the round was led by Insight Partners and I2BF Global Ventures.
The firm’s website notes two office locations, one in San Francisco, and one in Research Triangle Park. A statement notes headquarters in San Francisco.
And an SEC filing signed by the company’s co-founder, COO, and secretary, Alex Strygin, earlier this month notes an equity investment of more than $38.2 million from 19 investors. In the filing, the firm designates a Cary address for Strygin and other company directors and executives.
In a statement, the company, which targets clients in the business aviation sector, said that the latest funding round “is a testament to Portside’s significant growth in 2022 and the increased adoption of its software solutions by the business aviation community.”
The firm’s products support flight operations in 30 countries, it said in a statement. And following the acquisition of two flight management systems in 2022, the firm is preparing to modernize and enhance existing software operations.
“Increasingly, operators in business aviation are looking for mobile-first and cloud-based solutions. Portside provides industry leading solutions that enable operators to grow their businesses while improving the quality of service they can offer,” said Alek Vernitsky, co-founder and CEO of Portside in a statement. “Our focus on the customer and delivering secure, intuitive and effective solutions makes Portside the best solution for all private, corporate and government flight departments.”
Proceeds from the fundraise will be invested in its product portfolio, as well as in expanding the company’s global sales team, according to a statement.
But the firm will continue to pursue new acquisition targets, as well, it said in the statement.
“Our customers often come to us with challenges they need help solving. We are here to find a solution, whether by deploying an existing product in our portfolio, building something new or acquiring capabilities that we do not currently possess. Despite our tremendous growth over the past few years, we are as excited today to be solving customer problems as we were on day one,” said Strygin in the statement.
Insight Partners backs the firm that acquired ChannelAdvisor for $663 million in September 2022. Also in September, Insight Partners invested $23 million in Wilmington cyber security firm SaaS Alerts.