San Francisco, CA – Platform9, the leader in SaaS-managed hybrid cloud, today announced it raised $25 million in Series D funding, bringing the total amount raised by the company to $61.5 million. This round was led by NGP Capital, with participation from Mubadala Ventures and all existing investors (Redpoint Ventures, Menlo Ventures, Canvas Ventures and HPE Pathfinder). Rohini Chakravarthy, Partner at NGP Capital, joins Platform9’s board of directors with this round of financing.
Platform9 offers the industry’s only SaaS-managed Hybrid Cloud solution that delivers fully automated day-2 operations with 99.9% SLA for Kubernetes, bare-metal, and VM-based environments running on-premises, in public clouds, or at the edge. Built on open source cloud frameworks – Kubernetes and OpenStack – delivered as a service, Platform9 enables large enterprises to easily run cloud-native infrastructure at scale without the operational pain.
“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,” said Sirish Raghuram, CEO and Co-founder of Platform9.
“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. This enables customers to focus on their business and adopt cloud-native in a way that’s future-proof for any environment of their choosing, without requiring additional headcount or heavy-lifting from IT Ops teams.”
The funding round was driven by momentum with enterprise customers modernizing their hybrid cloud environments, driving revenue growth of 130 percent in ARR and 156 percent in TCV bookings compared to the previous year. In addition to strong new customer growth, existing customers have grown their usage of the platform significantly, with net revenue retention of 124 percent.
The new capital enables Platform9 to continue expanding its global salesforce, product and marketing teams, as well as continue delivering new capabilities for cloud-native hybrid cloud infrastructure management.
“Platform9 continues to win for enterprises that value ease of use, time to market, interoperability, and greater cost efficiencies. We’re excited to further build upon the momentum we are seeing in the market by investing in our world-class teams and partners around the world,” concluded Raghuram.
“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,” said Rohini Chakravarthy, Partner at NGP Capital. “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.”
Stop by Platform9’s booth at VMworld 2019 happening this week at the Moscone Center in San Francisco for a demo of the industry’s only SaaS-managed hybrid cloud that delivers fully automated day-two operations with 99.9% SLA on any environment.
Platform9 (platform9.com) delivers a SaaS-managed hybrid cloud solution that turns existing infrastructure into a cloud, instantly. We help enterprises drive digital transformation by enabling them to manage VMs, Containers and Serverless Functions on ANY infrastructure — on-premises, in public clouds, or at the edge – with a self-service, simple and unified experience. Customers such as Cadence, Aruba, Veritas, Nanometrics, EBSCO, and S&P Global see upwards of 300 percent improvement in IT efficiency, 33 percent faster time to market, and 50-80 percent improvement in data center utilization and cost reduction. The company is headquartered in Sunnyvale, CA, and is backed by Redpoint Ventures, Menlo Ventures, Canvas Ventures, HPE, NGP Capital, and Mubadala.
About NGP Capital
NGP Capital is a global venture capital firm with over $1.2 billion under management, investing in growth-stage technology companies within the Intelligent Enterprise, Smart Mobility, and Mobile Technologies. NGP Capital backs entrepreneurs with a Connected World vision – a vision where the confluence of sensors, mobility, software, and cloud solutions will connect people, things, and industries in new ways, transforming how we live and work. NGP Capital is active in the U.S., Europe, India, and China. Visit at www.ngpcap.com and follow on LinkedIn (ngp capital) and Twitter (@ngpcapital).