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Onit Lands $4.1M

Houston-based Onit, a startup developing business productivity and process management tools, said today that it has raised $4.1M in a Series B funding. The round was led by Austin Ventures, and also included the principals of Houston incubator RedHouse Associates. Onit said the funding will go towards product innovation and expanding its line of business productivity and process apps. Onit is headed by Eric M. Elfman. The company's software-s-a-service helps companies manage processes such as contract management, compliance, and legal processes. As part of the funding, Austin Ventures' John Thornton joins the company's board. Elfman was previously an Entrepreneur In Residence at the Houston Technology Center (HTC), and also was co-founder of PeerPoint Technologies and founder of DataCert. More information »