Baynote, announced that it has closed a $13 million Series C financing round. The investment round was led by SingTel Innov8, the corporate venture arm of the SingTel Group. All existing investors, including Hummer Winblad, Steamboat Ventures, and JK&B Capital also participated in the round. Baynote also announced that former SAP executive Doug Merritt has been named president and CEO.
According to the company, the new capital will be used to help Baynote expand into other industries, including telecommunications and financial services.