Platform9 secures $26M for cloud-native edge operations service
Cloud management company Platform9 has raised $26 million to accelerate its go-to-market strategy and position to deliver scalable growth for large-scale enterprise deployments of cloud-native applications. The financing round was led by Celesta Capital, with participation from Cota Capital, NGP Capital and several other investors.
“Platform9 continues to expand its market presence as many enterprises make strategic bets on cloud-native services in order to deliver better customer experiences closer to where they consume these services,” said Sriram Viswanathan, founding managing partner of Celesta Capital. “Platform9’s SaaS architectural approach for managing distributed clouds is a game-changer for many enterprises on their cloud-native journey.”
Along with the funding news, Platform9 has announced two executive appointments to help scale the company’s market deployment. The company has onboarded Emilia A’Bell as Chief Revenue Offer and Ravi Jacob who joins as a Chief Financial Officer. A’Bell brings her experience as a former Oracle and Nokia sales executive and held senior executive positions at Oracle, SAP, Portal Software, and TOA Systems. She will be responsible for developing a go-to-market strategy and delivering scalable growth.
Jacob has experience as a corporate vice president and treasurer of Intel Corporation, where he managed Intel’s cash and investments, debt and equity capital markets activity, currency and other financial risks.
For three consecutive years, Platform9 says it has recorded 100% growth in annual recurring revenue for its managed Kubernetes services. Enterprise demand for cloud-native distributed clouds has helped Platform9 to accelerate its business momentum with 132% year-on-year net revenue retention.
Platform9’s SaaS-managed edge computing solution provides “zero-touch edge operations” for enterprise-scale remote Kubernetes clusters, virtual machines, and bare metal. The software is designed to solve edge computing deployment challenges such as lack of on-site technical staff resulting in longer troubleshoot time, no centralized management across geographic locations, lack of CI/CD, remote automation, and security controls, and high cost for software and hardware per edge locations.
According to market research firm Gartner, 50% of edge computing applications that worked as proofs of concept (POCs) will fail to scale for production use. Platform9 says businesses can overcome these issues with its service, enabling them to centrally manage thousands of edge clouds to ensure consistency, control, and governance with one SaaS management platform. The platform can remotely deploy Kubernetes, virtual machines, and bare-metal applications to the edge, leveraging open-source cloud frameworks.
“Today’s modern enterprises need cloud-native technologies that enable speed and agility to propel business growth and stay ahead of the competition,” said Bobby Yazdani, founder and partner of Cota Capital. “We look forward to helping the Platform9 team deliver on the promise and potential of providing customers the power of the public cloud on the infrastructure of their choice.”
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Article Topics
BMaaS | DevOps | edge orchestration | Kubernetes | Platform9 | venture capital
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