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Two months after it announced a new name and a new strategy, VisibleGains Inc. of Waltham has re-upped with its investors, pulling in a $2 million inside round from existing venture backers. The company plans to use the funds to hire sales and marketing staff, chief strategy officer Matt Kaplan said.
The company launched as PermissionTV in 2005 with a plan to provide a video publishing software platform for online media publishers. In September, PermissionTV joined other video publishing software firms, turning its focus away from media publishers and toward business uses for video, such as sales and training. The name change was announced in October.
The company currently has 18 employees with no net loss of headcount after a restructuring that occurred in November, said Kaplan.
CEO Cliff Pollan, who took over earlier this year from former CEO Bob Lentz, has said the company hopes online video will soon be as common as white papers in PDF format. The company has signed eight customers since its strategy change, said Kaplan.
The funding brought VisibleGains’ total venture investment to at least $16.5 million, according to regulatory documents filed with the Securities and Exchange Commission. Investors include Castile Ventures, Point Judith Capital, Common Angels, CramerOnline, Inflection Point Investors, the Massachusetts Technology Development Corp., SAS Investors and the Venture Capital Fund of New England.
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