Enterprise software startup Clear Dynamics has raised $35 million (USD$25 million) in Series B funding.
The round was co-led by Colinton Capital Partners and OIF Ventures, alongside new investment from family offices and private investors.
The Melbourne venture, which has seen its customer base grow four-fold in the US and Australia over the last year will use the funds to scale local and international operations for its “composable” modular software systems to modernise and digitally transform existing technology and business models.
Clear Dynamic has developed an AI-enabled Enterprise Operating System that leverages metadata, packaged business capabilities, building blocks, and generative AI to quickly compose perfect-fit solutions that intelligently evolve with changing customer needs. It allows companies to continually assemble-and- reassemble the capabilities they need when they need them. Its customers include Bank of Queensland, Cargill, Latitude Financial Services, and Australian Unity.
Founder and CEO Dan Beaty said their software solution has been adopted by leading organisations across 10 industries including financial services, energy, government, and healthcare.
“In the last two years, organisations and leadership teams across every industry have been forced to confront the limitations of their existing technology and business models,” he said.
“Many realise that their existing technology investments are tethered to past strategies—unable to easily adapt to today’s dynamic business landscape, characterised by increasingly frequent unplanned change and demand for more agile, data-driven decision making.”
Beaty said its also a solution to the increasing cost and difficulty of recruiting developers.
“Clear Dynamics data-first design principles break the over-reliance most enterprises have on developers,” he said.
“We’re able to overcome traditional enterprise software bottlenecks far faster, and without relying on an army of scarce developers.”
OIF Ventures partner Jerry Stesel said Clear Dynamics is leading the composable software revolution.
“Just as cloud computing was a major global shift two decades ago, we believe every enterprise software category will eventually be composable on ai-powered platforms,” he said.