Scytle, a global provider of secure online voting and electronic election systems, announced today that a $104 million financing round is now closed with the release of the final tranche of $44 million invested by Vy Capital, Adams Street Partners and Industry Ventures.
Previous investors of the round that was initiated in last April include Microsoft co-founder Paul Allen’s Vulcan Capital with $40 million and SAP Ventures with $20 million. Balderton Capital, Nauta Capital and Spinnaker Invest are also significant shareholders.
The Barcelona-based company said in a press announcement that they will use the funds primarily R&D efforts and strategic growth plans.
Founded in 2001, Scyt develops software and internet-based solutions that cover the entire process of an election, from election planning and voter registration to online voting and election night reporting, all in compliance with high security and transparency standards. The company claims profitability since 2006 with revenues growing 70% a year. It has offices in 15 cities that serve to customers in 35 countries.
Mati Szeszkowski, Partner and Co-Founder of Vy Capital, said “We are (…) very excited to invest in Scytl which has grown to be the election software of choice all over the world for governments who want to use technology to bring their electoral processes into the 21st century”
The company also claims that the cryptographic security technology protected by more than 40 international patents and patent applications, makes Scytl the company with the largest patent portfolio in the industry.