Boston-based cloud service management company CloudHealth Technologies has announced a $46 million Series D fundraising round led by new investor Kleiner Perkins Caufield & Byers. Other investors include Meritech Capital Partners, .406 Ventures and existing investors Sapphire Ventures and Scale Venture Partners. The latest round brings the five-year-old firm’s total funding to $86 million.
CloudHealth Technologies has piggybacked off the rapid adoption of cloud computing technology by enterprises with its software which analyzes cloud data and helps optimize computing infrastructure. Chief Executive Dan Phillips says the new funding will help drive global expansion and allow the firm to “be the leader in this market five and 10 years from now when this market has grown exponentially.”
The hybrid cloud management platform says it increased its revenue by over 130% last year. By the end of 2017, CloudHealth plans to more than double its employee base to over 250 worldwide, across offices in Amsterdam, Singapore, Sydney, Tel Aviv and Washington D.C. A majority of the team will be located in the Boston office, where the firm seeks to boost its engineering, sales and marketing talent.
Phillips has indicated since April of 2016 that the given CloudHealth is a leader in the space, the firm has no interest in being acquired and sees an IPO as a step down the road.
The CEO is confident that the new funding from Kleiner, a backer of Amazon, Google, Slack and other big names, along with its West Coast peers, will provide the company with an “unfair advantage.” CloudHealth says its backers will expand its ability to reach out to a customer base and provide connections for new partners, along with visibility and guidance through the startup’s growth stages. “I’m very happy to have an unfair advantage,” stated Phillips.