Investors include construction giant Caterpillar and other Bay Area investors
San Francisco based SaaS technology provider Alight announced that it has raised $11m in Series A funding from Caterpillar Venture Capital and other Bay Area technology investors.
Alight said in a statement that the fresh capital will be used to accelerate the scaling of its vertical or industry specific applications for mortgage and mining, as well as entry into two new verticals this year, with pharmaceuticals slated for launch in the third quarter.
The company’s cloud based software for the mortgage industry has already firmed up partnerships with nearly 40 of the country’s largest independent mortgage banking firms, the company said.
Apart from making a financial investment in Alight, Caterpillar said that it is also in talks with the firm to develop enhanced solutions that will leverage data from IoT devices, or technology enabled machines using financial forecasting software to help mining companies make responsive and timely business decisions.
“Caterpillar’s technology is making huge quantities of rich information available to its customers and our intention is to combine this data with Alight’s solutions so that data can be used to drive decision making,” said Michele McGovern.
