Press Releases
TradeBeam receives $6 million of B Round in financing
San Mateo, CA, April 18, 2002—TradeBeam, Inc. has received B Round funding in the amount of $6 million. The investors were Enterprise Partners Venture Capital and Mitsubishi International Corporation.
Investors showed their continued support for TradeBeam’s unique end-to-end trading solution, and strong management team. The TradeBeam solution manages the entire breadth of global trade functionality from order to logistics to settlement, with a goal of reducing six days from a customer’s cash cycle. Global enterprises as well as their logistics providers, banks, and other partners, achieve a new level of process, event, document, and workflow management. Through a simple Web interface TradeBeam provides Visibility, Accountability, Automation, Synchronization and Reconciliation for global trade.
“TradeBeam is a strategic investment for Mitsubishi,” according to Junji Inoue, Executive Vice President in charge of E-Business for Mitsubishi International Corporation. “We believe the TradeBeam product offers significant value to global companies. At Mitsubishi International, the TradeBeam product is our key interface to trade and complementary to legacy and process specific software applications. We are looking forward to extending its use within our divisions, subsidiaries, and trading partners.”
The new funds will be used to expand sales and channel development and extend product functionality, including the letters of credit and financial reconciliation. Target customers in cash sensitive industries and countries are quickly seeing the value in TradeBeam’s management interface that acts as a bridge for all trade data and participants, regardless of time zone or technical sophistication.
Tom Clancy, of Enterprise Partners Venture Capital, says, “The market for logistics management software solutions will reach nearly $5 billion by 2005 and TradeBeam is extremely well positioned to take advantage of it. We have a very high level of confidence in the leadership and strategic direction of the company.”
About TradeBeam
TradeBeam, Inc. provides a business performance platform that enables enterprises and their trading partners to improve global trade cash flows. The TradeBeam solution manages the entire breadth of global trade functionality from order to logistics to settlement. Global enterprises as well as their logistics providers, banks, and other partners, achieve a new level of process, event, document, and workflow management. Through a simple Web interface TradeBeam provides Visibility, Accountability, Automation, Synchronization and Reconciliation for global trade.
About Enterprise Partners Venture Capital
Enterprise Partners is a San Diego based venture capital firm organized to invest in privately held early stage and emerging growth companies. The Enterprise Partners funds have over $1 billion of capital under management invested in over one hundred and twenty companies.
About Mitsubishi International Corporation
As a wholly owned subsidiary of Mitsubishi Corporation of Japan, Mitsubishi International Corporation (MIC) is a unique knowledge-based company. Headquartered in New York City with 14 other locations across the continental United States, MIC offers a broad range of services to add value and create business opportunities for our customers. The company’s primary businesses are international trade involving commodities, consumer and industrial products; complex project management; and strategic finance and investment.