Gravitant Announces $10M Series B Round
AUSTIN, TX, Software company in the enterprise cloud brokerage and management market, today announced it has raised its $10M Series B funding round led by new investor Corsa Ventures.
Gravitant, the leading software company in the enterprise cloud brokerage and management market, today announced it has raised its $10M Series B funding round led by new investor Corsa Ventures. Existing investor S3 Ventures also participated.
The latest financing will be used to expand the company's sales and marketing to keep up with rising customer demand. In addition, the new investment will be used to extend the capabilities of Gravitant's award-winning cloud brokerage and multi-cloud management platform to satisfy new customer segments.
Alex Gruzen, Managing Partner with Corsa Ventures, will join the Company's Board of Directors. Corsa, an investor in innovative enterprise technology, believes Gravitant is poised to extend its leadership position in IT services brokerage, a solution space that Gartner highlights as No. 4 on its 2014 Top 10 CIO priorities list.
'Gravitant has the potential to change the way Enterprise IT is done,' Gruzen said. 'While cloud computing shows much promise in transforming IT, CIOs are struggling with cloud adoption and simply not getting the ROI they expect from their private and public cloud investments. Gravitant's cloudMatrix brokerage and management platform optimizes agility and cost while maintaining control. The result is a vastly improved cloud ROI.'
'Customer interest in cloud brokerage and management platforms is accelerating, and this funding will help us take advantage of this rapidly growing market space,' said Mohammed Farooq, co-founder and CEO of Gravitant. 'We believe Gravitant will be the next major software company in Austin, and we are very pleased to see the support from Austin-based venture capitalists to help us realize this goal.'
'We are excited about the growth at Gravitant,' said Brian R. Smith, member of Gravitant's Board of Directors and Managing Director at S3 Ventures. 'As more enterprises and system integrators move to cloud computing, they need a platform that can help them get the most out of cloud. Gravitant has a proven platform that provides the optimal way to consume cloud services. We are pleased with Gravitant's accomplishments to date and are excited by its future potential.'
Gravitant provides transformational cloud brokerage and management. We power the longest running enterprise cloud brokerage in the industry and are trusted by some of the largest enterprises in the country as their IT-as-a-Service platform. Gravitant's cloudMatrix makes it easy to select, procure, consume, and manage cloud services and enables users to move from a slow service-ticket model to an agile design-to-order model. The results: improved time-to-value from months to minutes and IT costs slashed by up to 50%.
About Corsa Ventures
Corsa Ventures is an early stage information technology venture capital firm focused on opportunities in Texas and the Southwest. Based in Austin, Texas, our team members have deep operational experience, access to global networks, and have led businesses spanning from startup to global Fortune 50. We invest in companies that leverage the cloud, big data, mobile, and social to disrupt established business models and revenue streams.
About S3 Ventures
S3 Ventures is an earlier stage venture firm based in Austin, Texas with $170 million under management. S3 is focused on information technology solutions that solve large business problems. We also invest in medical devices that improve the human condition. We partner with the team and help focus methodically on what it takes to build a successful company.
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