Cloud computing software start-up CloudShare has raised $10 million in a series B funding round. Participating in the round were Sequoia Capital, Gemini Israel Funds, and new investor Charles River Ventures.
The company changed its name from IT Structures last week.
Following the investment, Charles River Ventures partner George Zachary will join the board of CloudShare. Zachary was one of the first investors in micro-blogging network Twitter.
The investment brings CloudShare’s total funding up to $16 million.
CloudShare was founded in 2007 by VP products Ophir Kra-Oz and CEO Zvi Guterman. CloudShare employs tens of employees, and according to Kra-Oz the company intends to hire more development workers in Israel.
CloudShare has produced a cloud computing based service that allows software demos. Many large companies have internal demo centers in the cloud to allow prospective sales clients to demo software, but most small to mid-size companies don’t have this functionality, which can be used to show how a product works.
CloudShare customers which include VMware, Cisco, and SAP, have already delivered over one million VM demo, proof of concept, and training hours to date, representing over six quarters of consecutive double-digit usage growth for CloudShare. The company plans to use this round of funding to accelerate product development.
Kra-Oz said today, "The cloud computing sector is now gaining momentum, but we began this already three years ago." Kra-Oz claimed that the current round was based on a higher valuation than previous rounds.
Published by Globes [online], Israel business news - www.globes-online.com - on December 13, 2009
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