FREDERICK, MD., Fugue announced it has closed an approximately $41 million Series D financing round, bringing the company's total funding to date to more than $75 million.
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The company's flagship product, also called Fugue, radically simplifies cloud infrastructure complexity and ensures regulatory compliance at scale with its dynamic, software-defined cloud orchestration and enforcement system. The latest round was led by New Enterprise Associates (NEA) with participation from previous investor Maryland Venture Fund and new investor Future Fund, the sovereign wealth fund of Australia.
The Series D funding comes as Fugue prepares to launch new products to provide advanced automation capabilities in enterprise collaboration, infrastructure control, and continuous enforcement of regulatory compliance. The company plans to use the funds to fuel its go-to-market strategy and accelerate product development to meet the requirements of enterprise customers needing to reduce deployment friction, automate the cloud lifecycle, and mitigate risk in the cloud.
'Cloud adoption is moving at a breathtaking pace, but enterprises are running into challenging hurdles when attempting to operate in the cloud at scale, impeding velocity of application delivery and, ultimately, their ability to compete effectively,' said Ron Bernal, venture partner, NEA. 'With its patented approach to solving modern-day cloud challenges, Fugue is well positioned to help enterprises fully realize the potential of the cloud for the new era of agility and innovation. We are excited about our partnership with the Fugue team.'
Fugue is a holistic, extensible, and cloud-native system for managing the entire cloud infrastructure stack as an automated process at the cloud API layer. In contrast, existing DevOps tools typically address isolated segments of the cloud infrastructure management problem. Furthermore, cobbling disparate solutions together requires significant development and manual maintenance of custom code to create a scalable cloud tool chain. Fugue uniquely offers a strategic, streamlined approach to managing cloud operations and supports customers through their entire cloud journey, from migrating legacy applications from the datacenter to deploying modern workloads that leverage today's container-based and serverless services-and future services yet to be introduced.
'We developed Fugue with the vision that modern cloud architectures must be highly flexible, allow for innovation at velocity, and deliver always-on resiliency - all while operating at the scale enterprises demand,' said Fugue Co-founder and CEO, Josh Stella. 'The massive shift from the datacenter to the public cloud, combined with the constant introduction of new cloud service offerings has created a complicated landscape for enterprise users to navigate. Fugue solves this complexity by giving the enterprise user the ability to provision, operate, enforce, and terminate cloud workloads with unprecedented ease and control. With the strong support of our investors, Fugue is well positioned to solve complex cloud challenges both today and well into the future.'
Morrison & Foerster LLP served as legal counsel to Fugue in connection with the financing.
Fugue Inc. radically simplifies cloud operations with its software-defined system for dynamically orchestrating and enforcing cloud infrastructure at scale. Teams can use Fugue to declare the desired state of cloud infrastructure and policies in a collaborative, human-friendly programming language and automate the provisioning, management and teardown of complex cloud environments, while continuously enforcing infrastructure state and policy compliance. Fugue has eight patents granted and sixteen pending. The company is privately held and headquartered in Maryland, with investments by New Enterprise Associates, Future Fund, Maryland Venture Fund and Core Capital Partners. To learn more about the company, visit www.fugue.co.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. www.nea.com.
About Future Fund
The Future Fund was established in in 2006 to invest for the benefit of future generations of Australians. By helping to meet unfunded public sector superannuation liabilities it will ease growing pressure on the government's finances. Investing independently of the Australian government, the Future Fund is valued at AUD124.7 billion (30 September 2016). The organization manages an additional four public asset funds for the Australian government with a combined value of AUD18.1 billion.
About Maryland Venture Fund
The Maryland Venture Fund is an early-stage, evergreen venture capital fund dedicated to funding and growing the next generation of outstanding businesses in Maryland. We are an experienced team with significant venture and operating experience whose focus is on making the entrepreneurs successful. With more than $100M in assets under management, we partner with exceptional entrepreneurs and help them build valuable companies that last. www.marylandventurefund.com.