Parallax secures $12M in Series B Funding led by Baird Capital
Parallax, a leading provider of predictive forecasting and capacity planning software, announced today the successful completion of its Series B funding round. The funding round was led by Baird Capital, a global private equity and venture capital firm specializing in technology innovation. Parallax plans to utilize the new capital to further accelerate product development, expand its market presence, and strengthen its position as a pioneer in the digital services space.
The Series B funding round generated a total investment of $12M from a combination of existing and new investors, demonstrating a strong vote of confidence in Parallax’s growth potential. In addition to Baird Capital, other notable participants include Rally Ventures and Grotech . The successful completion of this round brings Parallax’s total funding to date to $24.5M, positioning the company for an exciting future.
“We’re excited to partner with Baird Capital, to accelerate our vision to revolutionize resource planning and forecasting in the professional services industry with our predictive analytics platform. This investment will further refine our user-centered product and fast track the expansion of AI and prescriptive analytics built into our platform. As we chart our course for the next three years, we’re more committed than ever to our mission: transforming businesses by unlocking the potential of people. We are grateful for Baird Capital’s confidence in our vision,” said Tom O’Neill, CEO and co-founder of Parallax.
“Through our own investments in professional services businesses across the Baird Capital portfolio, we’ve witnessed firsthand the importance of effective resource management and its impact on workforce utilization and profitability,” said Jim Pavlik, Partner with Baird Capital’s Venture team and newly appointed Board member at Parallax. “We’ve been extremely impressed with Parallax’s cloud-based platform and its ability to optimize resource planning and forecasting for its clients and are very excited to partner with the Parallax team and support their continued investments in growing the business.”
The Series B funding will primarily be utilized to fuel Parallax’s product innovation initiatives, expand its teams, and further scale its operations to meet the growing demand for its solutions. In addition, the company plans to invest in sales and marketing efforts to broaden its market reach and strengthen customer relationships.
About Parallax
Parallax is a strategic, predictive capacity and resource planning solution built for digital service organizations. Centered around the most critical agency operational pillars – capacity planning, resource management, project financials, and operations intelligence – Parallax helps maximize efficiency of resources, ensure utilization goals are met, and track and improve project margin.
About Baird Capital
Baird Capital manages two investment platforms: Global Private Equity and U.S. Venture Capital and makes investments in B2B technology & services-focused companies around the world. Having invested in 339 companies over its history, Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia. Baird Capital is the direct private investment arm of Robert W. Baird & Co.
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