The Better Software Company to develop new tool with latest funding

The money keeps coming for The Better Software Company, with the west-end tech startup announcing Friday it has secured another $1.6 million in venture capital funding.

“We left over $3 million on the table and we are already working on our next round,” CEO Steve Cody wrote OBJ in an e-mail.

Led by Ottawa’s Mistral Venture Partners, the round also included Terry Matthews’ Wesley Clover, New York-based ffVentures and Toronto-based IAF, Mr. Cody said.

The money will help the firm expand its development team with the former head of IBM’s Watson Analytics, Kevin Haaland, at the helm. The team is currently working on a new health and predictive analytics tool called Sherlock, Mr. Cody said, which is intended to help level the playing field for small business owners.

“It’s tough to compete with the big guys day in and day out,” he said.

Never one to shy away from spectacle, Mr. Cody announced the funding to his staff with the help of a lion, symbolic of the business atmosphere, he said.

“We didn’t want our team to sit back and relax. People can get the feeling that they can take the feet off of the pedal with $1.6 million in the bank,” he said. “The lion helped signify that it’s a jungle out there and we have to continue to fight hard for everything we get. It will only get tougher, not easier.”