Cloud Management Leader Accelerates Growth and Adoption with New Financing from Cloud Investor
BOSTON, MA - (January 21, 2015) - CloudHealth® Technologies, the pioneer in IT service management for the cloud, announced today it has secured $12 million in series B funding, led by Silicon Valley-based Scale Venture Partners. Existing investors .406 Ventures, and Sigma Prime Ventures also participated in the round. As part of the funding round, Ariel Tseitlin, Partner with Scale Venture Partners, will be joining CloudHealth’s board of directors. On the heels of exceeding 100% quarter over quarter growth in 2014, CloudHealth Technologies will be using the funds to support the company’s rapid customer adoption, CloudHealth platform enhancements, expansion of services and increased hiring tied to engineering and sales.
“Enterprise and technology companies on a global scale are turning to the truly disruptive, utility-based cloud computing model. However, these same companies face challenges due to the increased complexity of managing cloud-based services that are magnified by the newly-enabled rapid rate of change. Traditional IT management tools just don’t work in this new model. Managing a cloud ecosystem with an eye toward maximizing the investment presents a real challenge,” said Partner Ariel Tseitlin of Scale Venture Partners. “CloudHealth is the first company to develop and scale a platform that enables ITSM for this very significant market, making it the leader in the space and an ideal investment for Scale Venture Partners. I am excited to join the CloudHealth Technologies board as they transform the way companies manage their cloud environments.”
CloudHealth eliminates the complexity of cloud management through a policy-driven platform that allows customers to define, manage and implement changes programmatically, enabling them to optimize cost, availability and performance. With a focus on cloud governance, CloudHealth simplifies every stage of cloud management as a company scales, enabling customers to easily align cloud operations with business objectives.
“As companies increasingly rely on IaaS and the cloud to take advantage of benefits such as usage-based pricing and on-demand elasticity of IT resources, they are turning to CloudHealth, based on our unique approach to policy-driven cloud management,” said CloudHealth Technologies CEO and Co-founder Dan Phillips. “There is an ecosystem of best-of-breed IT tools forming for the management of this very significant new cloud market. And CloudHealth Technologies is the first and only company offering a platform that enables ITSM for the cloud. We are proud to have backing from Scale Venture Partners – one of the most respected investors in game-changing cloud technologies – as we continue to grow.”
About Scale Venture Partners
Scale Venture Partners (ScaleVP) invests in early-in-revenue technology companies in the SaaS, Cloud, Mobile and Internet sectors. ScaleVP's passion and expertise is in helping entrepreneurs scale their business and grow into long-term companies that matter. ScaleVP has $1B in assets under management and is investing its fourth fund. Representative investments include: Box, BrightRoll, DataStax, DocuSign, Everyday Health, ExactTarget, HubSpot, Omniture, RingCentral and Vitrue.
ScaleVP is located in Foster City, California and invests nationwide. For more information, visit www.scalevp.com or follow us on Twitter at @scalevp or LinkedIn at www.linkedin.com/company/scale-venture-partners.
About CloudHealth Technologies
CloudHealth is changing the way organizations manage cloud environments through a policy-driven approach and focus on cloud governance. The company's cloud management platform consolidates, evaluates, analyzes and optimizes data from disparate data sources. This results in an optimally performing cloud environment, enabling enterprises and service providers to align cloud operations with business objectives, while reducing costs and ensuring service levels are being met. The company is backed by Scale Venture Partners, .406 Ventures and Sigma Prime Ventures and is headquartered in Boston, MA. For more information, visit www.cloudhealthtech.com or follow us on Twitter @cloudhealthtech and LinkedIn.