Last week SaaS-managed hybrid cloud company Platform9 announced that it successfully raised $25 million in its Series D round of funding. This latest financial round brings the total raised for the company to $61.5 million. Platform9 plans to use the new funds to grow their cloud-native adoption capabilities.
This latest funding round was spearheaded by NGP Capital; other participating investors included new investor Mubadala Ventures as well as all existing investors including Menlo Ventures, Redpoint Ventures, HPE Pathfinder and Canvas Ventures. As part of the terms of their investment, NGP Capital's Rohini Chakravarthy with take a spot on Platform9's board of directors.
Platform9's core product offering is a SaaS-managed Hybrid Cloud solution that provides users with completely automated day-2 operations. It boasts 99.9 percent SLA for Kubernetes, bare-metal and VM-based environments running on premises, in public clouds or at the edge.
In announcing the success of his company's latest round of financing, Platform9 co-founder and CEO Sirish Raghuram expounded upon the challenges that company's undergoing a digital transformation face--and how his company has risen to meet them: “Simplifying the operational burden of delivering cloud-native infrastructure at scale across any environment is a key consideration for organizations going through digital transformation. They are looking to leverage open-source modern technologies on top of their existing infrastructure and multi-cloud deployments, without crumbling under the complexity of managing technologies such as Kubernetes, monitoring, service-mesh, and more.
“This is exactly where our unique SaaS-managed delivery model comes in. Our Cloud Control Plane manages the infrastructure for you – including built-in monitoring, upgrades, disaster recovery, and more."
Fueling the Series D round, the company has experienced rapid revenue growth and TCV bookings growth over the past year, with a 130 percent increase in ARR and a 156 percent increase in TCV bookings year-over-year.
Chakravarthy, one of NGP Capital's partners, summed up what his firm saw in Platform9 that led them to invest in this round: "The Cloud is no longer just where the apps are hosted, but rather it is the experience of compute services being consumed and operated at scale to accelerate innovation and enable business value, regardless of where infrastructure lives.
“Platform9 brings an industry-first SaaS-managed hybrid cloud model, which firmly establishes a new standard for how ‘clouds everywhere’ – on-premises infrastructure or enterprise public cloud environments – will be managed. Rather than long do-it-yourself projects, Platform9’s managed hybrid clouds offer fast deployments, automatic updates, and superior IT experience.
“We are excited to support the growth of this technology and to see more enterprises benefit from this unique operating model for years to come.”