Itineris finds path to $11m

The round was supported by PMV, the investment firm of the Flemish government.

Belgium-based utility industry software provider Itineris has raised €10.3m ($11m) in a round featuring PMV, a strategic investment firm owned by the Flemish government.

PMV and Edgard Vermeersch, chief executive and founder of Itineris, jointly invested €2.5m.

The round was led by Gimv, which invested €7.8m together with Gimv Arkiv Tech Fund II, a fund managed by the firm that focuses on early to mid-stage investments in the cleantech and information and communications technology sectors.

Itineris’ core product, Umax, is a technology for the utility sector that uses Microsoft software to manage the meter-to-cash processes on behalf of the customers, utility providers and related services.

The company plans to use the cash to support further growth, by picking up new customers in North America and across Europe. It is also considering certain acquisition opportunities.

In 2015, Itineris raised $10m in a funding round also featuring PMV, Gimv and Vermeersch, building on an €8.5m round in 2013.

See more from this Government Report: Flanders, Belgium

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