Canara has raised $4.25 million of new equity funding to support the company’s continued growth. The new round, provided by Columbia Capital, the Company’s lead investor, will enable Canara to strengthen its market leadership position and implement the strategic plan being led by new CEO Tom Mertz.
“This funding gives Canara a solid financial foundation to support our strategic plan, which includes aggressive growth objectives for sales as well as initiatives to strengthen relationships with partners while enhancing our product offering,” said Tom Mertz, CEO of Canara. “This is a major expansion of Columbia Capital’s investment in Canara, which is a great vote of support for our growth plan and a reflection of how bullish Columbia is about the growing market for predictive data center analytics.”
“Canara has the industry’s leading suite of monitoring and predictive analytics solutions for power systems, and it is ideally positioned to grow because of its very clear value proposition of lower costs, higher efficiency, risk mitigation, more reliable backup power systems,” said Patrick Hendy, Partner of Columbia Capital and member of Canara’s Board of Directors. “Every company that operates a data center should be looking at these solutions in order to protect their investment and maximize uptime. Organizations that utilize Canara’s solutions rave about how indispensable they become, and Tom’s growth plan will make these products a vital part of more organizations’ data center management systems.”