Madrona, Bighorn ventures back Liberty Lake company
Liberty Lake tech company 2nd Watch Inc. has landed a $4.2 million investment from several companies, led by Seattle’s Madrona Venture Group.
Launched in 2010, 2nd Watch provides software tools and consulting to help businesses use cloud technology to operate more efficiently.
Cloud-based business services allow customers to store and access corporate information on secure, remote servers.
Jeff Aden, co-founder of 2nd Watch, said he expects to employ 115 by the end of 2013, up from about 30 now.
Aden said he cannot disclose the privately held company’s expected sales this year. The company’s website lists a number of regional customers, including Gravity Jack, Ecolite Manufacturing and Demand Energy Networks.
Aden formed the company with Kris Bliesner; both worked previously as executives with Spokane’s Ambassadors Group.
Madrona Venture Group is one of the Northwest’s most active venture capital companies. In 2005 it led a $25 million investment in Spokane Valley tech firm World Wide Packets. Ciena later purchased World Wide Packets and continues operating the Spokane facility.
Madrona also was an early investor in Amazon.com.
One of the other investors in the latest round is Bighorn Ventures, a Post Falls venture capital firm. Aden was not free to disclose its share of the investment.
“We make cloud services really simple for people to understand,” Aden said, “and we help them make it operate efficiently” so a business can save money.
One potential savings: cloud technology is a “pay as you go” option, so 2nd Watch business customers can buy computer time on an hourly basis, if needed, Aden said.
Aden said the company’s research and development and managed services will continue to be located at 2nd Watch’s Liberty Lake office, while a Seattle office will be the base for sales and engineering, with additional focus on R&D.