South Central Ventures (SCV) invested in the American company Alchemy. As startit.rs reported, the investment of total one million dollars is made by several investors, among which is SCV. The sum that SCV invested, for now, remains undisclosed.
Founded in San Francisco, Alchemy is a cloud-based software for the specialty chemical industry that facilitates the commercialization of new formulations. Lately, this company has become well known to this region due to their resent merger with the Serbian startup dryTools.
As Superfounders reported last month, following the merger, the whole dryTolls team became part of Alchemy.
Hence, this is not the first time for South Central Ventures to invest in this company. In September last year, SCV invested 300.000 Euros in dryTools, now part of Alchemy.
Marko Gacesa, Alchemy’s CPO, ex CEO of dryTools, said that this investment will help them expand Alchemy’s presence in Serbian city Novi Sad (the ex- dryTools headquarters) and help them develop their applications faster on the market.
“With this investment we plan to develop our network and machine learning system faster”, Said Gacesa for startit.rs.
“We would like to become next Ellie Mae or Veeva, companies that with their SaaS solutions made enormous changes at the mortgage compliance and pharmaceutical market. We believe that we have a great opportunity to build a company with same impact in the chemical industry”, said Sasha Novakovich, Alchemy’s CEO , startit.rs reported.
Alchemy is cloud-based software for the specialty chemical industry that facilitates the commercialization of new formulations. Alchemy’s configuration engine enables the rapid creation of a digital replica of a company’s best practices.
dryToos, on the other hand, is a team of developers that help companies to excel by delivering highly readable and clean source code. Theirs development tools are designed to generate SaaS (Software as Service) codes. Its usage is extremely wide, and it can help developers write better code faster, because of the smart algorithms that power the app.
Founded in 2015, with offices in Belgrade, Zagreb and Skopje, SCV, through Enterprise Innovation Fund (ENIF), is focused on financing tech companies in the Balkans.