Cloud-based monetization platform Aria Systems announced last week that it raised $18 million in new capital in a funding round led by Madison Bay Capital along with Hummer Winblad Venture Partners, InterWest Partners and Venrock. The new funding, which will help fuel additional growth at Aria Systems, brings the total raised to date to $150 million. In addition, the company announced that Steve Reale, managing partner of Madison Bay Capital Partners, and Drew Harman, Director of InterWest Partners, will join Aria’s board of directors.

‘This latest round enables Aria to continue our strategic focus toward enterprise accounts that are transforming themselves via recurring revenue models,’ said Aria president and CEO Tom Dibble in a statement. ‘In addition, we are excited to welcome Silicon Valley veterans Steve Reale and Drew Harman to the board and look forward to their strategic guidance as we continue to build upon our leadership in the cloud billing category.’

Reale also commented on the investment.

‘With an impressive and growing customer list and years of technology development, Aria is uniquely positioned to meet the needs of today’s enterprises who must improve the agility of their existing billing and monetization capabilities,’ Reale said. ‘In this age of lightweight SaaS software, Madison Bay Capital Partners is excited to partner with Aria as they accelerate upon the success they’ve already achieved. It’s a rare find: a company with both the commitment and foundation to address a large enterprise infrastructure need.’

Allison Barlaz, vice president of product marketing for Aria Systems, said, ‘The funding enables Aria to advance its monetization platform to help clients transform their backend billing operations from being a roadblock to an enabler of innovation and speed.’

Aria, which was founded in 2002, offers a range of monetization models that serve global enterprise companies like Audi, NETGEAR, Dell, Pitney Bowes, Constant Contact, Adobe and Philips with simple or complex one-time- subscription- and use-based billing needs. Aria’s hierarchical products help businesses manage complex offers, promotions and payment methods across locations and product lines with bundles and options that can differ from plan to plan and location to location.

In other Aria news, the company has recently won industry awards for its billing and monetization platform, including the MT News Telecoms 2017 Best Enterprise Cloud Billing Company Award for its work in augmenting legacy infrastructures to rapidly launch and iterate telecom product offerings across market segments and geographies. Aria was also named a leader in The Forrester Wave™: Recurring Customer and Billing Management, Q3 2017 report.

Insider Take:

We last wrote about Aria Systems last September when Aria announced its platform for connected vehicles. With this new monetization platform, Aria can serve automakers with their need to facilitate payments for services like car sharing and satellite radio company SiriusXM.

As the subscription economy grows, the need to manage recurring payments through agile billing systems has become more important. Aria is one of many players, but as it grows its funding base, the company has more capital with which to meet growing demand. It can expand its services to become even more agile, offering enterprise companies with more options for both simple and complex subscription offerings and promotions.