West Allis-based Dynamis Software Corp. has completed a $1.3 million angel funding round, according to an SEC document filed Friday.
To date, Dynamis has raised more than $3 million in equity investments. This most recent equity round was opened April 20, 2016 and was raised from five investors. Brookfield-based Golden Angels Investors was the lead investor.
“It’s just a continuation of the rounds that we’ve been doing earlier,” said Andy Nunemaker, president and chief executive officer of Dynamis. “With these latest advances in our solution that are going to happen in the next few months, then the solution will be truly ready for the mass of insurance brokers.”
Dynamis will use the $1.3 million to round out development of its software product, Dynamic Plan Designer, which allows insurance brokers to offer digital plan designs that can be changed while face-to-face with the customer.
The Dynamic Plan Designer, launched in 2014, is currently being used by about 100 brokers, which Nunemaker described as early adopters. Now that Dynamis plans to roll its software out to a wider user base, the company will be tripling its commercial team.
Nunemaker declined to say how many commercial employees will be hired, as well as how many total employees work at the company.
Investors in Dynamis’ latest round were eligible for Qualified New Business Venture tax credits from the Wisconsin Economic Development Corp. The program incents equity investment in technology-based Wisconsin businesses with a tax credit of 25 percent of the total investment.
“That was certainly a driver and the fact that we’d raised the (last $750,000) in less than a week, having that tax credit program was certainly a determinant in how we were able to raise the money,” Nunemaker said.