Boulder startup GridCraft raises $2.3 million

BOULDER – Startup GridCraft Inc. has raised $2.3 million in seed funding as it prepares to launch is data-analysis tools for businesses.

Boulder-based Bullet Time Ventures led the funding round along with several other investors.

Founded last summer, Boulder-based GridCraft makes cloud-based software that helps business users aggregate and analyze data to aid in their decision-making processes. The software is geared toward giving nontechnical users the power of analytics experts.

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“If you understand how a spreadsheet works, you’re able to use our product,” GridCraft co-founder and chief executive Lisa Reeves said. “It looks very similar to a spreadsheet to the user. But it’s actually a very powerful database they’re tapping in to.”

GridCraft has more than two dozen companies using its beta product, with the official launch coming this fall.

Reeves said the seed funding will be used for sales and marketing, as well as product development, as the launch approaches. GridCraft has nine employees.

Reeves said the pricing model is still being worked out. But at least initially, users will be able to create free “freemium” accounts to access the software. Paid subscriptions will allow users and businesses access to advanced features and services.

Reeves founded GridCraft with Terry Olkin and Sayan Chakraborty last summer, with the trio bringing combined experience from companies like Oracle, SAP and Citrix. Reeves headed German software company SAP’s venture fund, and also worked at Vista Ventures in Boulder.

In addition to Bullet Time Ventures, Cohort Capital, Confluence Capital Partners, Drummond Road Capital, Galvanize Ventures, Impact Angel Group, Startup Studio Ventures and previous angel investors participated in the funding round.