Embotics Corp closes $8.4 million equity financing

Ottawa-based Embotics Corp has closed an $8.4-million equity financing to boost development and marketing of its virtualization and private cloud management software, bringing its total raised to date to $18 million. The financing caps the company's most successful year which saw a 300% growth in sales and 220% growth in new customers, which now include a wide range of communications firms, universities and public sector departments. Covington Fund II Inc and VentureLink Innovation Fund Inc are providing $2.5 million each with the remainder coming from other private investors. Embotics' software targets mid- to large-sized firms, simplifying cloud management platforms while continuously monitoring the virtual data centre to optimize automation, deployment and configuration of IT services....