VMTurbo said it raised Series C funding in a deal led by Globespan Capital. VMTurbo’s funding now totals $25 million. The company had raised a $10 million of Series B in 2011 and at that point had $17.5 million in total funding, according to news reports at the time. This suggests the current round is $7.5 million. VMTurbo didn’t provide details. Existing investors include Bain Capital Ventures and Highland Capital Partners.
(Corrected: VMTurbo was initially misspelled in the headline. It was corrected.)
VMTurbo Accelerates Momentum with Record Q1; Secures New Funding
Globespan Capital leads investment round; VMTurbo exceeds Q1 revenue target and names Chris Reisig vice president of worldwide sales
Burlington, Mass. – May 1, 2013 – VMTurbo, the leading provider of software-defined control for cloud and virtualized environments, today announced that the company has closed a series C funding round led by Globespan Capital. VMTurbo’s funding now totals $25 million, with key investments coming from Globespan Capital, and previous investors Bain Capital Ventures and Highland Capital Partners.
“Bringing a world-class partner like Globespan on board enables us to be even more aggressive in capturing the huge market opportunity in front of us,” said N. Louis Shipley, president and chief executive officer at VMTurbo. “The new funding will help accelerate our sales and marketing efforts, and ongoing product innovation. We continue to solidify our footing in the industry by delivering unique solutions that change the way companies operate cloud infrastructures and virtual data centers – driving down operational and capital costs by providing intelligent automation and control.”
The company’s recent milestones include more than 150 percent YoY growth in Q1 revenue, tripling the number of customers in the calendar year, and securing key strategic partnerships including VCE and NetApp. Additionally, VMTurbo expanded its strong presence in the service provider market by signing on IDC Frontier and KPN as customers, joining a list that includes CSC, BT, LayeredTech, Internet Solutions and many others.
As announced on April 30, 2013, the company was also issued two patents. Assigned on March 12, 2013, the first patent highlights the methods, systems and apparatus for the economic abstractions that drive VMTurbo’s Operations Manager. The second patent, awarded on April 30, 2013, is for leveraging economic principles in Operations Manager to manage IT environments.
“We see a massive, and rapidly growing, market opportunity in delivering solutions that help customers automate control of virtual data centers,” said Dave Fachetti, managing director at Globespan Capital. “Operating in this space puts VMTurbo at the intersection of some of largest forces in IT infrastructure – cloud adoption and the continued virtualization of compute, storage and network resources. VMTurbo brings a groundbreaking technology and an incredibly proven development team to bear in addressing the challenges companies and service providers of all sizes face in operating these complex environments. Their customer list speaks for itself and we are looking forward to further fueling their growth.”
VMTurbo Appoints VP of Worldwide Sales
To add to its momentum, VMTurbo appointed Chris Reisig as the vice president of worldwide sales. In this role, he will focus on driving enterprise market adoption and global expansion. Previously the SVP of sales and business development at Veracode, Reisig joins with a proven track record of taking companies from $10 million to $100 million-plus in revenue. In less than three years, Reisig drove Veracode’s bookings growth by more than 500 percent. While at Endeca (acquired by Oracle), he helped guide the company from its first customer to over $100 million in annual revenue.
“Chris brings the expertise and proven track record to truly take our sales organization to the next level,” said Shipley. “We are confident that his vision and focus on the business value VMTurbo brings to our customers will drive this transformation in the way organizations approach IT operations management – and ensure our customers get the full value out of their decision to leverage VMTurbo to do so. The operational and capital efficiency our solution enables is truly amazing and I am looking forward to working with Chris to continue our rapid growth.”
About Globespan Capital Partners
Globespan Capital Partners is a global venture capital firm with over $1 Billion under management. Globespan primarily invests in go-to-market rounds of information technology, Internet and mobile communications companies. Our investment team has a proven track record of effectively working with entrepreneurs, top tier co-investors and strategic partners to help build market-leading companies. To learn more about Globespan Capital Partners, please visit www.globespancapital.com.
About VMTurbo Operations Manager
VMTurbo Operations Manager is the only solution on the market that understands application performance, resource utilization and capacity constraints in a virtualized data center, and is able to automatically adjust allocation to ensure service based on priority. Since its initial release, more than 9,000 cloud service providers and enterprises worldwide have deployed the VMTurbo Software-Defined Control platform to gain greater control and prevent performance issues across their virtual infrastructure. To download VMTurbo Operations Manager 3.3, visit www.vmturbo.com/download.
VMTurbo delivers a Software-Defined Control platform for cloud and virtualized environments. The company’s solutions utilize its Economic Scheduling Engine to dynamically adjust configuration, resource allocation and workload placement to meet service levels and business goals. It is the only technology on the market capable of closing the loop in IT operation by automating the decision-making process to maintain the environment in the desired state. The VMTurbo platform first launched in August 2010 and since that time more than 9,000 cloud service providers and enterprises worldwide have deployed the platform, including British Telecom, Colgate, CSC and the London School of Economics. Using VMTurbo, our customers ensure that applications get the resources they need to operate reliably, while utilizing infrastructure and human resources in the most efficient way. For more information, visit us at www.vmturbo.com.
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