RedCAT Systems raises $8.5M in equity financing

BOULDER — An entity related to a Boulder software company has raised $8.65 million in equity funding.

RedCAT Systems Holdings Inc., based at 1526 Spruce St., on Friday filed a Form D with the U.S. Securities and Exchange Commission reporting the raise. The filing listed the company’s industry group as “Investing,” with the funds raised from 22 investors. The first sale occurred May 31.

Robert Joyce, president and CEO of RedCAT Systems Holdings, declined to comment on the raise.

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RedCAT Systems Holdings was incorporated in Delaware on May 30, 2019, according to the Delaware Secretary of State’s Division of Corporations. That entity is not listed with the Colorado Secretary of State but shares the same address as RedCAT Systems LLC, formed in 2014.

RedCat Systems is a cloud-services company that develops human-resources and compensation software for enterprise customers, according to the company’s website, with clients that include LinkedIn, Uber, the New York Stock Exchange and Dropbox.

“RedCAT Systems stands out from the crowd with our focus on security, supreme flexibility, support options and high-level executive compensation,” according to the website.

The company lists numerous products, including:

•  A compensation tool to manage compensation-planning processes.
• A performance-management tool used for goal planning, development and improvement strategies, annual reviews and talent evaluation.
• An HR data warehouse providing integration with other systems.
• A reporting function to provide metrics.

RedCAT co-founders include Bonnie Cherni, Steven Epstein and Philippe Duranton.

Epstein’s LinkedIn page describes the “CAT” in RedCAT as “Compensation Award Tool.”