Cloud monitoring service Cloudyn has raised $11 million to fund global expansion, brand raising and service integration from a Series B round of financing.
The latest cash injection comes 15 months after it was awarded for $4 million as investors noted how it had grown to monitor 8% of all Amazon Web Services. With cloud computing operators now generating $321billion a year, according to 451 Research, the monitoring of both infrastructure and platform services (IaaS and PaaS) is becoming increasingly critical.
The popularity of hybrid clouds, which straddle both public and private premises, has added complexity to the management task, creating a need for specialist monitors such as Isreal-based start up Cloudyn. A study conducted by 451 Research predicts that many companies plan to spend up to 50% of their cloud budget on these services.
Since 2014, when Cloudyn received $4 million in funding, the company says it has focused on winning clients among Fortune 1000 enterprises and managed service providers. Cloudyn has tripled its revenue for three consecutive years while doubling its head count. It currently monitors 200,000 virtual machines and 12,000 concurrent applications.
The new round of venture funding was led by Carmel Ventures and included contributions from previous investors Titanium Investments and RDSeed. Ronen Nir, General Partner at Carmel, will join Cloudyn’s board of directors.
There’s growing need for enterprises to perfect their resource allocation, boost performance and cut reducing cloud spend, according to Ronen Nir, the cloud specialist at Carmel Ventures. “Cloudyn’s technology provides meaningful and actionable data which has both operational and financial metrics,” said Nir.
“The funding will allow us to build on this momentum and increase our market share in North America and global markets,” said Sharon Wagner, CEO of Cloudyn.