With Strong Revenue Growth, Platform9 Sets Sights on International Expansion to Grow Sales and Marketing Efforts Globally, and Further Scale Its Product Organization
Platform9, the leader in SaaS-managed hybrid cloud, announced it raised $25 million in Series D funding, bringing the total amount raised by the company to $61.5 million. This round was led by NGP Capital, with participation from Mubadala Ventures and all existing investors (Redpoint Ventures, Menlo Ventures, Canvas Ventures, and HPE Pathfinder). Rohini Chakravarthy, Partner at NGP Capital, joins Platform9’s board of directors with this round of financing.
Platform9 offers the industry’s only SaaS-managed Hybrid Cloud solution that delivers fully automated day-2 operations with 99.9 percent SLA for Kubernetes, bare-metal, and VM-based environments. These can run on-premises, in public clouds, or at the edge. Built on open source cloud frameworks Kubernetes and OpenStack delivered as a service, Platform9 enables large enterprises to easily run cloud-native infrastructure at scale without the operational pain.
“Simplifying the operational burden of delivering cloud-native infrastructure at scale across any environment is a key consideration for organizations going through digital transformation. They are looking to leverage open-source modern technologies on top of their existing infrastructure and multi-cloud deployments, without crumbling under the complexity of managing technologies such as Kubernetes, monitoring, service-mesh, and more,” said Sirish Raghuram, CEO and Co-founder of Platform9.
“This is exactly where our unique SaaS-managed delivery model comes in. Our Cloud Control Plane manages the infrastructure – including built-in monitoring, upgrades, disaster recovery, and more. This enables customers to focus on their business and adopt cloud-native in a way that’s future-proof for any environment of their choosing, without requiring additional headcount or heavy-lifting from IT Ops teams.”
The funding round was driven by momentum with enterprise customers modernizing their hybrid cloud environments, driving strong year over year revenue growth of 156 percent. In addition to strong new customer growth, existing customers have grown their usage of the platform significantly, with net revenue retention of 124 percent.
The new capital enables Platform9 to continue expanding its global salesforce, product and marketing teams, as well as continue delivering new capabilities for cloud-native hybrid cloud infrastructure management.
“Platform9 continues to win for enterprises that value ease of use, time to market, interoperability, and greater cost efficiencies. We’re excited to further build upon the momentum we are seeing in the market by investing in our world-class teams and partners around the world,” concluded Raghuram.
“The Cloud is no longer just where the apps are hosted, but rather it is the experience of compute services being consumed and operated at scale to accelerate innovation and enable business value, regardless of where infrastructure lives,” said Rohini Chakravarthy, Partner at NGP Capital. “Platform9 brings an industry-first SaaS-managed hybrid cloud model, which firmly establishes a new standard for how ‘clouds everywhere’ – on-premises infrastructure or enterprise public cloud environments – will be managed. Rather than long do-it-yourself projects, Platform9’s managed hybrid clouds offer fast deployments, automatic updates, and superior IT experience. We are excited to support the growth of this technology and to see more enterprises benefit from this unique operating model for years to come.”