Adaptive Planning has raised $7.5m in venture capital funding to grow its software-as-a-service corporate performance management software business.
This is the third round of funding for Mountain View, California-based Adaptive Planning, bringing the total up to $9m.
The investment was led by Onset Ventures and Monitor Ventures and will be directed at sales and marketing and product development initiatives.
Adaptive Planning launched itself into the PM market at the end of 2004 and its CPM software, called Adaptive Planning, is aimed at small and medium sized businesses and puts a novel collaborative twist around budgeting, forecasting and financial reporting processes.
Like many other SMB startups in the BI space, Adaptive Planning is using a hosted application framework to lower the cost and complexity of applications deployment.
Adaptive Planning also offers an open source version of its CPM software.