INDIANAPOLIS – Powerway Inc., an Indianapolis-based software company, has raised $14.2 million in investment capital.
Virtually all of the firm's original investors participated in the latest fund-raising effort, including DCX.NET Holding, the e-business investment arm of DaimlerChrysler Corp., said Michael Campbell, Powerway's chief executive officer.
The automaker invested $25 million in Powerway in 2000 and more than $6 million this fall, The Indianapolis Star reported in Saturday's editions.
"We're going to finish this year with about $15.5 million to $16 million in revenue, where a year ago we were around $12 million," Campbell said. "We're up 22 or 23 percent — and very few software companies actually grew revenues this year."
Mary Beth Halprin, a spokeswoman for DaimlerChrysler, declined to comment on specifics of the investment but said her company believes in Powerway's product and plans to use it in the development process.
Powerway, which has about 200 employees, makes an Internet-based quality-control system for automotive supply networks. The system automates the tracking process for auto parts.
Halprin said DaimlerChrysler has committed to having all of its 1,000 or so tier-one parts suppliers converted to Powerway by the 2004 model year.