[ibimage==32367==Large==none==self==ibimage_align-center]
Gravitant has just raised a big $25 million Series B, led by Cielo Private Equity, and including participation from existing investor S3 Ventures. The startup is pursuing the growing cloud brokerage market and will use its additional capital to expand sales and marketing teams.
“CIO and solution provider interest in cloud brokerage has accelerated over the past year, and this funding will help us take advantage of this growing demand,” said Mohammed Farooq, co-founder and CEO of Gravitant in a statement.
Gravitant provides cloud brokerage and management SaaS. A cloud brokerage platform is intermediate software that helps large IT departments find and purchase the best cloud solutions for their needs from a variety of vendors. Gravitant’s cloud management SaaS helps implement the cloud solutions once they’ve been purchased. As the complexity of IT needs have grown, companies have needed an internal way to better manage the purchasing and deployment of IT resources. Increased security concerns have stalled the belief that all computing services should go to the cloud. Picking services on a case-by-case basis is increasingly the preference of IT managers because it gives them more flexibility.
“We hear consistently from CIOs that the value of cloud is clear, with most business units using it,” said Lisa Harris, managing partner of Cielo Private Equity. “But at the same time, there is concern that almost two out of three of these business units are bypassing their IT departments. Gravitant provides an enterprise SaaS software suite that enables CIOs to deliver the agility demanded by business units but with the safeguards IT needs to maintain.”
This latest round brings Gravitant’s total investment to about $35 million. In January, Gravitant received a $10 million Series A investment from S3 Ventures and Corsa Ventures. Investor S3 Ventures is also based in Austin.
“We are very pleased to see the increased support from additional Austin-based venture capitalists as well as the continued commitment from our existing investors to help us build the next major enterprise software company in Austin,” said Farooq.
Have a tip for us or know of a company that deserves coverage? Email us via [email protected]
