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Adobe contender InVision raises $115M round at $1.9B valuation
InVision Inc., a startup whose digital product design tools are used by 97 of the Fortune 100 and countless tech firms, today announced that it raised $115 million in funding at a $1.9 billion valuation.
Early Slack Technologies Inc. backer Spark Capital led the round. Other participants included Goldman Sachs, Battery Ventures, Iconiq Capital and Tiger Management. The round also included a previously announced investment from enterprise software giant Atlassian Corp Plc., which took an equity stake in InVision as part of a recent partnership.
The partnership saw Atlassian integrate its collaboration tools with InVision products in a bid to better support the startup’s rapidly expanding customer base. More than 5 million users, mostly designers but also other professionals such as project managers, use its tools to create visual assets for web applications and other digital products.
The startup’s product portfolio is headlined by InVision Cloud. The platform enables designers to share visual assets with colleagues and exchange feedback in multiple ways. Users can share input via a commenting mechanism integrated into the interface, as well as sketch suggested improvements on a virtual whiteboard.
InVision offers InVision Cloud alongside an image editor called Studio that directly competes with Adobe Systems Inc.’s Photoshop. It includes tools for creating multilayer animated graphics, enables companies to extend the core feature set with custom applications and offers other advanced capabilities aimed at the enterprise segment. Perhaps most importantly, Studio also sports native integrations with InVision Cloud.
The two tools, along with InVision’s DSM service for storing visual assets, share a common focus on automating common design tasks. The startup claims that its software enables enterprise customers to ship digital products by an average of 6.5 weeks faster than than they otherwise could. Among the companies that InVision has won over with this pitch are tech industry heavyweights such as Amazon.com Inc., IBM Corp. and Lyft Inc. to name a few.
InVision will use the capital to keep growing its customer base. The startup has raised a total of $350 million to date and its $1.9 billion valuation is about double what it was after the 2017 funding round that preceded today’s investment.
Photo: InVision
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