Israeli cloud workload mobility startup Velostrata today announced the closing of a $17.5 million Series B financing round led by strategic investor Intel Capital, with participation from existing investors Norwest Venture Partners and 83 North.
Velostrata software enables customers to adopt a hybrid cloud strategy that incorporates the best of both public and private clouds. This latest funding will be used to accelerate growth, particularly within the mid-to-large enterprise market.
Headquartered in San Jose, California with R&D in Netanya, Israel, Velostrata was founded in 2014 by CEO Issy Ben-Shaul, and Chief Product Officer Ady Degany. The company has raised $31.5 million to date.
The Netanya company today also announced the general availability of Velostrata 2.0, which provides a non-disruptive and low-risk approach for moving applications and their data to the cloud, both for short-term use cases like development and testing, as well as for long-term migration.
Ben-Shaul said, “As enterprises race to keep pace with the demands of the modern and rapidly changing business, IT’s ability to leverage the trust, control and reliability of private cloud along with the simplicity, affordability and flexibility of the public cloud is increasingly important. That’s why the attention and demand for Velostrata has increased dramatically in the last year. The flexibility to move data-rich workloads from legacy environments to both private and public cloud is a challenge for most enterprise IT departments, and Velostrata is mitigating the risks, downtime and complexity once associated. We’re delighted to welcome Intel Capital as a strategic investor, as well as Norwest Venture and 83 North as repeat investors, as we continue to eliminate boundaries around hybrid cloud computing.”
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016