NEW YORK, June 21, 2018 /PRNewswire/ — CloudBolt Software Inc., developers of a leading self-service hybrid cloud platform, today announced a $23M Series A funding round led by Insight Venture Partners, a New York-based venture capital and private equity firm.
CloudBolt transforms Enterprise IT with its Enterprise Hybrid Cloud Platform that unifies access to public cloud and private data center environments. By directing end user cloud access through a single portal, CloudBolt customers gain the ability to track, control, and simplify how IT resources are consumed in the face of rising demand for agility, elasticity, and cost containment. Serving tens of thousands of users globally, including industry leading enterprises Airbus, Electronic Arts, The Home Depot, and Xerox, CloudBolt plans to use proceeds to expand into new markets and verticals while further developing their offering and integrations.
As the trajectory of enterprise Cloud growth continues to surpass expectations, the need for Hybrid Cloud tools that allow IT to transition from on-premise to hybrid cloud models is increasing. The global hybrid cloud market was valued at USD 40.62 billion in 2017 and is expected to reach a value of USD 138.63 billion by 2023, at a CAGR of 22.70% for 2018-2023. This increasing need to transition to hybrid cloud models presents a tremendous opportunity, but Enterprise IT departments often struggle to realize that vision quickly and cost effectively. CloudBolt dramatically simplifies that transition by taking a flexible approach to cloud that maintains customer choice.
CloudBolt provides a unified platform for managing cloud resources:
- Hybrid cloud delivery and management with support for 18+ different virtualization systems and public clouds (partnerships and integrations with AWS, VMware, Google Cloud, and Microsoft Azure, among others)
- Cross Cloud Blueprints that support Anything as a Service (Xaas)
- Role-based access control that enables compliance and governance and enterprise security enforcement
- Cost transparency, chargeback and reporting for resources running in both a data center and public cloud
- Sprawl control and cost reduction via expiration dates, quotas, and power schedules
"Today's Enterprise IT team is under tremendous pressure to deliver value to the business at an unprecedented rate. Delivering self-service access to hybrid cloud resources while maintaining compliance and cost management is no longer a nice to have. It is a requirement." said Brian Kelly, CEO of CloudBolt. "CloudBolt helps organizations harness the power of cloud to deliver and deliver faster, more efficient workflows and systems at scale. The partnership with Insight Venture Partners is going to allow us to deliver a richer experience to users at a faster pace, grow our team, and continue our focus on providing customers with a great experience."
"Leveraging cloud technologies will only become more commonplace in the foreseeable future, and developers will need tools to help them simplify this process for end-users – that's where CloudBolt comes in," said Phil Vorobeychik, Principal, Insight Venture Partners. "We are thrilled to welcome CloudBolt to our portfolio and are looking forward to helping drive this next stage of growth together."
CloudBolt Software, based in Rockville, MD and Portland, OR, is the leading self-service hybrid cloud platform. CloudBolt's hybrid cloud platform enables enterprise IT departments to build, deploy and manage private and public clouds quickly and efficiently. The user-friendly portal hides the complexities of hybrid cloud, giving end users the ability to manage and provision resources on demand, while administrators set provisioning conditions for governance. With CloudBolt, IT leverages its investment and controls costs while increasing flexibility and agility.
For more information on CloudBolt, visit www.cloudbolt.io.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
SOURCE CloudBolt Software Inc.