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Connecticut software company XLerant Inc. has closed a $3 million Series B funding round led by Chrysalis Ventures, the company said Wednesday. The company plans to use the funds to grow sales and marketing efforts in North America.
The financing deal, which also includes the backing of investor Connecticut Innovations, brings Chrysalis principal Wright Steenrod to the XLerant board.
XLerant makes corporate budget preparation software for midsize to large companies.
The company announced in August that it had shuffled its executive team, appointing former Hyperion Solutions chairman and CEO Jim Perakis as board chairman and former HealthMedia CEO Ted Dacko as CEO of XLerant. Just eight months earlier, in January of 2011, Dacko was made executive chairman of the company with William J. Wilcoxson, formerly of Axiom Venture Partners, appointed CEO.
Dacko’s earlier company HealthMedia, an online personalized wellness program based in Michigan, also had the backing of Chrysalis Ventures. He led that company until its 2008 acquisition by Johnson & Johnson Co.
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