On December 7, Kenna Security announced the finalization of $15M in Series B funding led by PeakSpan Capital. Kenna’s security platform creates vulnerability points that quickly hone in on the components of an organization’s IT platform most susceptible to attack from security threats. Kenna Security differentiates in the IT security space by mapping the universe of possible security threats and applying a risk-based, data-driven methodology to identify the points of vulnerability that are most likely to lead to security breaches. The company’s expertise in prioritizing security risks enables it to deliver real-time, actionable business intelligence that helps organizations prepare remediation strategies to mitigate risk. By using Kenna’s vulnerability and risk intelligence platform, companies can focus their remediation efforts on potential threats of highest risk to their IT infrastructure, thereby maximizing their return on investment in security-related risk remediation. The funding will be used to accelerate the company’s product development as well as expand its sales and marketing operations. In addition to PeakSpan Capital, the funding round featured additional participation from existing investors U.S. Venture Partners, Costanoa Venture Capital and Hyde Park Angels. Kenna’s Series B funding raise brings the total funding it has raised to $25M.
Velostrata recently announced the release of Velostrata 2.0, a cloud migration platform that simplifies, streamlines and automates the process of moving workloads from on-premise environments to public clouds. Velostrata boasts the capability to swiftly migrate applications to clouds by way of an architecture that decouples compute from storage. The platform’s decoupling of compute from storage allows customers to migrate an application to a public cloud within minutes while its underlying data is subsequently streamed to the cloud. In the event the application requires specific data immediately, it can fetch the requisite data from the on-premise environment and iteratively reduce latency related to data retrieval via a cloud cache that stores frequently retrieved data objects. Because Velostrata does not transfer the entirety of an application’s data to the public cloud, it takes advantage of the computing power of the public cloud in conjunction with advanced data streaming and caching functionality to stream relevant datasets to the cloud. Velostratra’s smart migration software delivers automated migration of storage environments without changes to source files, thereby enhancing workload mobility and empowering businesses to leverage the public cloud for dev/test use cases in addition to business continuity.
Velostrata 2.0 features support for Microsoft Azure in addition to Amazon Web Services. Moreover, Velostrata announced the finalization of $17.5M in Series B funding led by Intel Capital, a strategic investor. Existing investors Norwest Venture Partners and 83 North also participated in the round. Velostrata’s expertise in data streaming and caching positions it to deliver a disruptive solution to the problem of cloud migration that taps into the preference of many customers to adopt a hybrid cloud strategy whereby data resides on-premise, but the computational heavy lifting is performed in the cloud. With an extra $17.5M in funding, the company stands poised to ride the wave of skyrocketing cloud adoption by delivering a hybrid cloud solution for cloud migration, the promise of which is augmented by its partnership with Intel, its new strategic investor and the leader of its Series B round of funding.
On June 9, cloud services enablement provider BitTitan finalized $15M in Series A funding led by TVC Capital. BitTitan’s MSPComplete platform helps companies sell cloud services, onboard cloud workloads and deliver enterprise-grade customer support. For example, BitTitan helps Managed Service Providers (MSPs) sell Office 365, Azure and related cloud services. In addition, MSPs can use BitTitan’s MigrationWiz to transfer workloads to the cloud and subsequently accelerate the transition of enterprises from on-premise to cloud-based deployments. BitTitan also facilitates the delivery of production-grade support for cloud-based workloads and applications and thereby gives MSPs a comprehensive suite of tools with which to build cloud revenue. BitTitan supports a range of cloud platforms that includes Microsoft Azure, Amazon Web Services, Google Cloud Platform and Dropbox. The Series A funding marks the first formal capital raise for BitTitan since its founding in 2007. Tao Capital Partners also participated in the capital raise which will be used to enhance BitTitan’s MSPComplete platform, facilitate its expansion into new geographies and consolidate its market position as a leading cloud services enablement vendor for MSPs. Given that the company has been bootstrapped since its inception, expect BitTitan to gain even more traction within the cloud MSP space with $15M in the bank, particularly as the global market for cloud services continues to experience aggressive and significant growth.
This week, Midokura announced $20.4M in Series B funding for its network virtualization technology platform, Midokura Enterprise MidoNet. Midokura Enterprise MidoNet delivers an enterprise-grade, virtualized networking solution for IaaS infrastructures including, but not limited to OpenStack. Midokura’s virtualized networking solution claims advantages in comparison to the Open vSwtich (OVS) plugin with respect to scalability, performance, security and monitoring functionality. Midokura Enterprise MidoNet 5.0, for example, features enhanced analytics into network flows through physical and virtual hosts, thereby empowering customers to swiftly identify and remediate issues within network infrastructures. Midokura’s Series B funding round investors included Simplex Inc. as well as existing investors Innovation Network Corporation of Japan and a member of Midokura’s board of directors, Allen Miner. The funding raise constitutes emphatic affirmation of Midokura’s business model of delivering enterprise-grade support and services around its open sourced MidoNet platform and a current customer base that includes Dell, Overstock.com and Puppet.
On June 3, Qumulo announced the finalization of $32.5M in Series C funding for its scale-out, “data aware” NAS solution. The Series C funding raise builds upon the company’s $40M in Series B funding and brings the total funding raised by the Seattle-based startup to $100M. Series C investors included existing investors Kleiner Perkins Caufield & Byers (KPCB), Madrona Venture Group, Highland Capital Partners, and Valhalla Partners as well as new investors Allen & Company, Top Tier Capital Partners and Tyche Partners. The company’s Qumulo Core product integrates real-time analytics directly into its storage platform, thereby giving customers an unprecedented degree of granular analytics into storage trends for massive amounts of data. The latest capital raise validates Qumulo’s leadership in the space marked by the convergence of scale-out storage and real-time, data driven analytics. Moreover, Friday’s capital raise points to the intensity of the need within enterprise storage to harness scale-out storage solutions that facilitate intelligent automation of scale-out storage in the wake of the continuous ingestion of massive volumes of incoming data.
This week, DigitalOcean announced the finalization of $130M in credit facility funding for its IaaS platform that targets developers and startups. The company will use the financing to fund its explosive growth, global expansion and product development. KeyBanc Capital Markets Inc. led the financing in collaboration with Barclays Bank PLC, Pacific Western Bank, East West Bank, Opus Bank, Webster Bank and HSBC Bank USA. The $130M in credit facility adds to DigitalOcean’s $83M in Series B funding from June 2015 and positions it strongly to scale in response to customer demand as well design and deploy new product innovations. The huge advantage of credit facility funding is that DigitalOcean need not give away equity as a result of the funding raise. The $130M in financing illustrates DigitalOcean’s attractiveness to developers and correspondingly illustrates the multi-dimensionality of the market for IaaS services, which clearly contains a layer different from the battle for enterprise market share that features the likes of Amazon Web Services, Microsoft, Google Cloud Platform and Rackspace.