This Week In The SaaS Universe- Updates & Highlights With spotSaaS Weekly Roundup

Latest Funding News

Acodis raises a grand CHF 6 million to transform document processing

Company Name	Acodis
About the company	Acodis, an intelligent document processing (IDP) platform. The business assists companies in making the best use of unstructured data from papers (PDF, word, scans, etc.). Business customers may set up and customize AI models for every document type and in any language using the company’s no-code platform.
Founder Name	Martin Keller & Benjamin von Deschwanden
Fund raised	CHF 6 Million
Investors	Hi Inov and VI Partners
How will the company use the money	The funds will be used to further expand Acodis’ position as the leading document processing platform for the pharma and health sectors.

Leading RegTech platform Global Screening Services raises a huge $45M Funding

Company Name	GSS
About the company	Global Screening Services, offers a platform to screen transaction data from financial institutions. To provide simplified compliance screening for sanctions, the platform makes use of technology, including artificial intelligence, as well as an ecosystem of financial institutions and business partners.
Founder Name	Tom Scampion, Robert Urtheil, Ralph Kreis
Fund raised	$45 million
Investors	AlixPartners, The Cynosure Group, and MUFG
How will the company use the money	The new funds raised will be used for accelerating growth, expand operations and its business reach.

Forward Networks Raises $35 Million in Series C

Company Name	Forward Network
About the company	Forward Networks develops enterprise software for network management and software-defined networking.
Founder Name	David Erickson, Nikhil Handigol, Brandon Heller, and Peyman Kazemian
Fund raised	$35 million
Investors	Goldman Sachs, Andreessen Horowitz, Threshold Ventures, and A. Capital.
How will the company use the money	This funding would go toward expanding its sales and marketing teams into new regions and additional R&D activities.

Smile Digital Health Raises $30 Million in Series B

Company Name	Smile Dental Health
About the company	Smile Digital Health is a healthtech firm that provides a complete, collaborative, and comprehensive health data fabric and integration platform.
Founder Name	Duncan Weatherston
Fund raised	$30 million
Investors	Existing investors and UPMC Enterprises
How will the company use the money	This funding will be used to expand its newly acquired clinical reasoning utility and forward-looking artificial intelligence and machine learning capabilities, further advancing Smile Digital Health as the leader in the field.

Mergers & Acquisitions

Built buys fellow construction robotics firm, Roin

Today, Built Robotics, well known for its autonomous heavy equipment for digging in the dirt, revealed that it has acquired Roin Technologies. The YC-backed, smaller company is most known for its concrete robots that trowel and shoot (shotcrete) the material.

Thoma Bravo agrees to acquire digital forensics firm Magnet Forensics for over $1B

The Waterloo-based Magnet Forensics, a maker of software used by armed forces and corporations to look into cybersecurity risks, has announced today that Thoma Bravo, a private equity and growth capital firm, will pay $1.8 billion CAD (about $1.34 billion) to purchase it.

Bitwarden acquires Passwordless.dev to help companies authenticate users without passwords

Bitwarden, an open source password management platform, has made its first known purchase by purchasing Passwordless.dev, a young Swedish firm that focuses in assisting software developers in integrating passwordless authentication technology.

SaaS News Of The Week

Whalesync wants to simplify the process of syncing data between SaaS apps

A spreadsheet that organizations can use to manage and automatically sync their data across SaaS apps is what makes Whalesync unique. Users can create no-code apps using Bubble, set up internal tools with Notion and Postgres, etc.

Indian SaaS companies to touch $35 billion in ARR By 2027

Report by Bain & Company said the Indian SaaS ecosystem continues to gather momentum despite prevailing market headwinds and has become a global leader behind only the US in scale and maturity.

Listen To SaaS Podcast

SaaS pricing gimmicks to be aware of

In this episode of The Modern SaaS Podcast, Aditya and Yaag discuss how SaaS pricing is tricky. And how your product pricing should reflect the value that your product offers and make it easier for your buyer to decide. They discuss some of the gimmicks often used in the SaaS world.

Listen here

Watch This SaaS Video

Must Read

Gartner Forecasts Worldwide Public Cloud End-User Spending to Reach Nearly $600 Billion in 2023

According to the most recent projection from Gartner, Inc., global end-user spending on public cloud services will increase by 20.7% to $591.8 billion in 2023 from $490.3 billion in 2022. This is greater than the 2022 growth prediction of 18.8%.

Tech Companies That Have Made Layoffs in 2023

Tech layoffs were big news in 2022, and that’s looking set to continue in 2023, too, with major companies like Amazon and Salesforce already slashing workforces.