Platform9, the company making private clouds easy, announced that it has secured $10 million in Series B funding, bringing the funding total to $14.5 million. Menlo Ventures led the round, and previous investor Redpoint Ventures also participated. The company plans to use the money to accelerate its product roadmap for its growing customer base.
Menlo Ventures General Partner Mark Siegel joins Redpoint Ventures Partner Scott Raney on the board. Siegel said: “Platform9 is poised to satisfy rising demand for a simple OpenStack solution in the enterprise, and they have the perfect team to do it. We see OpenStack gaining momentum and believe it will take significant market share from proprietary technology stacks. Menlo is proud to support the company as they ramp up growth with impressive early traction.”
Platform9 was founded by early VMware engineers Sirish Raghuram (CEO), Madhura Maskasky (VP Product), Roopak Parikh (VP Engineering) and Bich Le (Chief Architect) a team with decades of experience building virtualization and systems management products. They founded Platform9 because they observed that enterprises were struggling to operationalize private clouds. Platform9’s disruptive SaaS-based OpenStack solution transforms an organization’s existing servers into an AWS-like agile, self-service private cloud within minutes and makes it possible for enterprise customers to leverage the latest open source innovations.
Since launching 12 months ago, Platform9 has hit several milestones including:
Platform9 Managed OpenStack for KVM environments became generally available in January 2015 and is in production globally.
The company has seen significant revenue momentum in first two quarters of sales with quarter-over-quarter growth of 200%, multiple sitewide license agreements for 400+ servers in each quarter and customer deployments in 17 countries.
The company received seven major industry awards and accolades including being named the coolest virtualization startup of 2014 by CRN, one of the top 10 virtualization startups to watch in 2015 by TechTarget SearchServerVirtualization and an MIT CIO Symposium Innovation Showcase finalist.
“We’ve had a phenomenal year and our momentum is accelerating as organizations look to deliver an AWS-like cloud experience using their internal infrastructure. With Platform9 Managed OpenStack, organizations can now focus on accelerating innovation using internal private clouds instead of spending months or years implementing their private cloud,” said Sirish Raghuram, co-founder and CEO of Platform9. “The Series B funding enables Platform9 to further accelerate our product roadmap for our growing customer base.”
Platform9’s mission is to make private clouds easy for organizations of any scale. The company’s OpenStack powered service transforms an organization’s existing servers into an AWS-like agile, self-service private cloud within minutes, enabling organizations small or large to run their private clouds efficiently, at scale, and while leveraging latest open source innovations. The service is the 1st 100% cloud managed platform for KVM, VMware vSphere and Docker. Founded in 2013 by a team of early VMware engineers, Platform9 is backed by Menlo Ventures and Redpoint Ventures and headquartered in Sunnyvale, CA.
About Menlo Ventures
Menlo Ventures provides capital for multi-stage consumer and enterprise technology companies. Since 1976, the firm’s market-driven analysis has led to the identification of and successful exits in innovative technology markets. Notable areas of investment have included Mobile/Mobile Marketplaces (Siri, Uber, Machine Zone, Roku, Rover.com, Getaround, Munchery), Social & Ecommerce (Tumblr, Lumosity, Poshmark), Cloud (Carbonite, EdgeCast, Dropcam, Vidyo), Storage & Big Data (3Par, Coraid, Tintri, Avere Systems), Digital Advertising (Flurry, YuMe, DataXu, Dstillery, eXelate) and Security (Cavium, IronPort, nCircle, BitSight, vArmour). Menlo’s guiding philosophy is to work side-by-side with entrepreneurs and founders as allies, serving actively on boards as company builders with decades of industry expertise, and opening access to a broad network of advisors, partners and technical talent. Menlo Ventures has $4.4 Billion under management and is currently investing Menlo Ventures XII, a $400M fund with $15M allocated to the Menlo Talent Fund for fast seed funding.
About Redpoint Ventures
Founded in 1999, Redpoint Ventures is a leading technology focused venture capital and growth equity investment firm with more than $3 billion in capital under management. Redpoint focuses on investing globally in technology ventures across the Internet, digital media, mobile and enterprise sectors to accelerate growth and build industry defining companies. Its partners have been involved in 41 IPOs and 66 upside acquisitions. The firm is headquartered in Menlo Park, CA with offices in Los Angeles and Shanghai, China.