Pyxis Mobile Raises $17M, Rebrands As Verivo, Pivots To Licensable App Platform

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Every business seems to want its own mobile software, and now Pyxis Mobile is transforming to help companies build apps for themselves. Previously, Pyxis created apps for enterprise financial services companies, but today pivots to offer its app development platform directly to clients. The company has rebranded itself as Verivo Software, and taken a $17 million funding round from Commonwealth Capital Ventures, as well as existing investors Ascent Venture Partners and Egan-Managed Capital.

The new funding will build on the combined $7.15 million secured in Pyxis Mobile’s Series A and B rounds. The money will go towards marketing, product development, recruiting, APIs, and growing its global presence with new offices in Europe and Asia.

Rather than having to work with an outside vendor to issue updates and support, Verivo’s platform will let clients take care of everything in house. Clients can build apps with a drag-and-drop interface, deploy them across device types and operating systems, and manage functionality changes.

The shift from Pyxis Mobile to Verivo has been 16 months in the making, so the platform has already been utilized by several clients beyond financial services. Sales companies like Bunzl have built field operations apps for their employees, Indiana State University offered a campus information app to students, and health tech companies like Healthrageous have used apps to retain customers. Other clients include Allstate Insurance, Halliburton, and Oracle.

Enterprise mobility software demand is booming. Verivo saw license bookings increase by 220 percent and revenue run rate up 50 percent in 2011. By distributing the development power, Verivo can improve its platform in a scalable way instead of fixing the apps of individual clients.