CloudVelocity Raises $13 Million in Funding to Accelerate Enterprise Cloud Adoption

SANTA CLARA, CA--(Marketwired - Jul 16, 2013) - CloudVelocity™ today announced that it has closed $13 million in Series B funding, bringing the total raised to $18 million. This oversubscribed round was led by Third Point Ventures. Pelion Venture Partners and previous investor Mayfield Fund also participated. CloudVelocity plans to use the funding to further accelerate its roadmap and growth.

CloudVelocity was founded by a team of experts in distributed systems, storage, virtualization and networking in 2010 and emerged out of stealth mode in December 2012. Today the company released its One Hybrid Cloud™ software which makes Amazon Web Services (AWS) a secure and seamless extension of enterprise data centers and lets enterprises run their existing and new Linux and Windows multi-tier and multi-system apps without modification in the AWS cloud http://www2.marketwire.com/mw/release_html_b1?release_id=1034451.

"Today's solutions for migrating existing apps into the cloud fall short for most enterprise apps," said Rajeev Chawla, chief executive officer of CloudVelocity. "We automate five sets of critical processes and extend authentication and other network services into the cloud, making the cloud a seamless extension of the data center. Our goal is to accelerate the migration of enterprise apps into the cloud and to drive higher levels of agility, protection and scale for apps trapped in the data center today. We are excited to have Third Point Ventures and Pelion Venture Partners join Mayfield Fund as investors, as we work together to address the massive market opportunity in enterprise cloud computing."

"We believe that enterprises are highly motivated to leverage cloud economics and features but have been slowed by persistent obstacles. We spoke with numerous CloudVelocity customers, target customers, partners and other industry participants as a part of our lengthy due diligence process," said Robert Schwartz, Managing Partner at Third Point Ventures and a member of CloudVelocity's board. "The comment we heard consistently was that CloudVelocity was introducing a much needed, massively disruptive yet simple to deploy solution that would accelerate enterprise cloud adoption. That is why we're excited to partner with CloudVelocity."

"The hybrid cloud operating model is revolutionizing the enterprise, and CloudVelocity is well-positioned as the migration and integration solution of choice," said Navin Chaddha, Managing Director of Mayfield Fund and a member of CloudVelocity's board. "Since their debut in December, CloudVelocity has proven out their technology platform in production environments and established momentum among customers and partners."

About CloudVelocity
CloudVelocity is the first company to deliver automated cloud migration and disaster recovery software specifically developed for the unique operating demands of existing, multi-tier apps. Led by a deeply experienced team of system software and networking executives, CloudVelocity software gives data center teams the ability to easily scale, protect and secure their distributed apps and services into and between clouds, eliminating many of the major barriers to the enterprise adoption of cloud. For more information, please visit http://www.cloudvelocity.com.

About Mayfield Fund
Mayfield Fund is a global venture capital firm with over $3 billion under management and a 43-year history of investing in relationships. Mayfield invests primarily in early-stage IT companies that leverage the drivers of mobile, cloud/SaaS, social, energy tech, and big data. Since its founding in 1969, the firm has invested in more than 500 companies, resulting in over 100 IPOs and more than 100 mergers or acquisitions. For more information, visit http://www.mayfield.com.

About Pelion
Pelion is an early stage technology venture capital firm with a national track record of investing in software-based businesses that manage the exponential growth in the movement of information, or "bits," across wired and wireless networks. Founded in 1986, Pelion has been a partner to leading technology innovators CloudFlare, Fusion-io, MX Logic, RedHat and Riverbed. More at http://www.pelionvp.com.

About Third Point Ventures
Third Point Management Company L.L.C. oversees a family of investment funds focused on public and private growth and special situation investments. Third Point Management was founded by Daniel S. Loeb in 1995 and currently manages over 14 billion US dollars in assets.