Castek Secures $10 Million For Development

A third round of funding from a group of firms with experience in technology will help Castek Software Factory Inc. advance product development and market access, according to Castek Chief Financial Officer Fay Wu. The $10 million funding, from the Netherlands-based p3 Technology Partners and Toronto-based CIBC Capital Partners and Altamira Management Ltd. was completed in June. Castek has created a number of enterprise software products for the financial services industry in the United States and Canada, including Insure3, integrated customer information, product configuration and policy administration software for property/casualty insurance. The funding will enable Castek to speed delivery of claims management and claims processing applications now in development.