Adapx, whose software powers digital pen technologies so workers can easily collect data in the field, has scored a $5 million venture capital investment that it will use to expand into new areas and enhance products for the Department of Defense. All existing investors participated in the round, including OVP Venture Partners, Paladin Capital Group and Pelion Venture Partners.

Led by former Microsoft manager Ken Schneider, Adapx also announced that it has more than 800 customers using its Capturx product. The company — backed in part by the CIA’s venture capital arm In-Q-Tel — has seen widespread adoption in the military, defense and intelligence industries.

That’s because the technology enables intelligence, surveillance and reconnaissance teams to input data into digital mapping systems by sketching on paper, touchscreen devices, or by speaking as they sketch on wall displays.

It recently received an “Excellent” grade from US Joint Forces Command for automating field intelligence gathering in the Empire Challenge Annual Joint and Coalition Intelligence, Surveillance and Reconnaissance Interoperability Demonstration.

Other customers include PEPCO Utilities, Energy Transfer, Enbridge, Port of Seattle and Lime Energy.

The company now employs 49 people, and Schneider says they expect growth to continues as the “economy improves, workloads increase, and organizations continue to run lean.” Total funding now stands at $24 million.

You can see how it works in this video.


Comments

  • Nnaostring

     here’s an interesting story on Adapx from April, 2009:
     (i) Company had 45 employees
    (ii) 500 customers
    (iii) expected 200% revenue growth
    (iv) expected to break-even in 2010
    http://t.co/RyQzTQv

    Two years later: customers have gone from 500 to 800, employee count from 45 to 49; still raising money with no new investors and no valuation uptick (it’s a follow-on deal)

    Sounds like yet another OVP screw-up.

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