DadeSystems, a Miami-based provider of account receivable automation solutions, raised $2 million in funding to accelerate its growth from Miami early-stage venture firm Ocean Azul Partners.
The funding will be used to accelerate engineering and product enhancement efforts as well as expand the sales team, digital marketing and client services, according to the announcement.
"We're pleased with the progress of DadeSystems and excited about the product suite, relationships and potential for growth," said Bill Pruitt, managing director of Ocean Azul Partners, in a statement. "We look for capital efficient companies developing new markets using differentiation and providing value to create a defendable market position and grow rapidly. DadeSystems is aligned with our investment strategy."
DadePay AR Automation, part of the SaaS suite of fully integrated products, automatically captures all incoming payments, including cash, checks, ACH, EFT, and credit cards. Using patented technologies, payments are automatically matched to open invoices and update the companies' ERP systems. All checks received are electronically transmitted to the bank for immediate deposit, the company said. DadeSystems serves multiple industries including distribution, food and beverage, manufacturing, financial, transportation, wholesale, property management, healthcare, retail, travel and agriculture.
"Last year was another strong year as we exceeded our revenue and customer acquisition targets. Securing this additional funding allows us to expand our product suite and services and grow our presence as the preferred payment solution in the marketplace," said DadeSystems CEO Bill Zayas.