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Cloud Computing Startups Raise Big Money: UPDATE 8
This is the ninth in a continuing series on startups raising funding.
Today, there are two startups in focus – AppDynamics and ShopKeep.com.
Top VC firm Kleiner Perkins Caufield & Byers led a $20 million Series C round for cloud-based performance management company AppDynamics. Previous investors Greylock Partners and Lightspeed Venture Partners also participated, bringing to a total the funds raised by the San Francisco-based startup to $36.5 million. The company specializes in application performance management and claims over 50,000 customers including Priceline.com, Netflix, Swisscom, TiVo, Fox News, and Taleo.
“Cloud computing is a once-in-a-generation IT shift, and AppDynamics is rapidly becoming the management platform for IT teams to manage the operational complexities of cloud-based application architectures. The continued strong interest from top-tier investors is a great validation of our vision, our market opportunity, and our growth story. The application management market has multiple billion dollars of annual IT spending and AppDynamics is well poised to become the leading solution in the market,” said Jyoti Bansal, CEO of AppDynamics.
“We see AppDynamics as perfectly positioned to take advantage of a seismic shift in how web applications are being created and managed. Applications are moving to distributed, cloud-based architectures, a sea change that is already having a tremendous impact on the operations and development teams responsible for performance and uptime. AppDynamics’ phenomenal growth and success to date proves that they’re well positioned to take advantage of this transformation and help companies manage these new types of business-critical applications,” said Matt Murphy, Partner at Kleiner Perkins.
ShopKeep.com, a New York-based startup that provides a cloud-based Point of Sale (POS) platform that allows inventory management, customer tracking, and real-time reporting, recently announced that it closed a Series A financing of $2.2 million led by Tribeca Venture Partners and TTV Capital.
Founded in 2010 by Jason Richelson, co-owner of wine and gourmet food retailer Greene Grape, when he felt frustrated by the shortcomings of his existing POS software, ShopKeep has proved to be extremely popular, especially after the launch of an iPad version. Today, the company boasts of a 1,000-strong clientele and can live up to its promise of “Point of Sale, Simplified.”
“This financing will further enable ShopKeep to bring superior customer service and affordable innovative technology to small business owners, who need it the most. We are excited to help small shops like mine run a better, more profitable business using just an iPad,” said Richelson, also CEO of the company.
“ShopKeep solves the ‘last mile’ in local because they bring scalable technology to stores who desperately need it. The company delivers an amazing product, user experience, and innovative technology to a space ripe for disruption and void of economic efficiency,” said Brian Hirsch, Managing Partner at Tribeca Venture Partners.
By Sourya Biswas
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