venture-capital-cloud

Venture Capitalists Flock To Cloud Computing Startup

Venture Capitalists Flock

Dell was born in a room at the University of Austin. Facebook originated from a Harvard dorm. Box.net, tracing its origin to a room in the University of Southern California, may or may not become as large as Dell and Facebook, but if recent indications are anything to go buy, people are willing to bet big money on it.

Box.net, a Silicon Valley startup that offers online file-storage and collaboration software, announced that it has obtained $48 million in fourth-round funding to finance its aggressive expansion plans. Meritech Capital Partners contributed $38 million in equity investment, with Emergence Capital Partners and Andreessen Horowitz, the fund operated by Internet pioneer Marc Andreessen, making up the balance. Hercules Technology Growth Capital Inc. has promised $10 million in debt financing. This increases the total amount raised t0 $77.5 million till date.

To put things into perspective, Meritech Capital had earlier invested in Facebook, NetSuite and Salesforce.com. Andreessen is on the boards of Facebook, eBay and HP among others. Therefore, it is clear that the investors have an established record of backing winners.

We’re going to be investing quite heavily in our infrastructure, in our R & D, and in our product, to build the next generation of the way that businesses are going to manage and share their data in the cloud,” said Aaron Levie, the 26-year old CEO of the company. He and his friend Dylan Smith founded the company in 2005 with $11,000 won in a poker game.

Since then, Box.com has grown by leaps and bounds among people desiring to store data online. While the basic version of Box’s service is free, it does charge customers $15 a month for extra features like more storage or security enhancements. As of end-2010, it has more than 5 million users at 60,000 companies, including 73% of the Fortune 500.

The company intends to use the cash to double its 140-person staff over the next 18 months, expand overseas and accelerate development of its mobile applications. It will also look to build up an enterprise sales force that will try and convert more free users into paying customers.

The CEO has big dreams and expectations for his company. “This is a revolution that is democratizing enterprise software – the cloud has dramatically leveled the playing field for the delivery of services, and for the first time, technology adoption in the enterprise is being driven by the bottom-up,” he wrote in a blog post. “….Box’s beginnings were modest..We must invest aggressively to continue this success. We are no longer a small startup, but a 140-person strong organization that must do everything in its power to bring better technology to the enterprise.”

By Sourya Biswas

CloudBuzz

The latest in curated technology related news collected from many of the leading news distribution, industry research and technology vendor firms on the planet.

Here you will find recent news sources from companies such as Reuters, Marketwired, IDC, Gartner or directly from cloud vendors such as Google, Microsoft or Amazon.

The Lighter Side Of The Cloud - Machine Learning
Comic
Data Visualization 101: How, What, Why?

Data Visualization 101: How, What, Why?

Data Visualization 101 “A picture is worth a thousand words.” This old, English idiom could not ring more true than ...
Jonathan Ring

3 Keys To Keeping Your Online Data Accessible

Online Data Data storage is often a real headache for businesses. Additionally, the shift to the cloud in response to ...
Cloud Accounting Industry

Skills for faster innovation in financial services

Banks and insurance companies are going through a lot of changes. Read on to see my thinking on how to facilitate that ...
State of the Cloud Report

State of the Cloud Report

Cloud Report As the definitive guide to the biggest trends in the cloud industry, this year’s “State of the Cloud ...
Cloud Email Migration? Beware Of Unintentional Data Spoliation!

Cloud Email Migration? Beware Of Unintentional Data Spoliation!

Cloud Email Migration In today’s litigious society, preserving your company’s data is a must if you (and your legal team) ...
The Cloud Debate - Private, Public, Hybrid or Multi Clouds?

The Cloud Debate – Private, Public, Hybrid or Multi Clouds?

The Cloud Debate Now that we've gotten over the hump of whether we should adopt the cloud or not, "which ...
The Virtue of Intelligence in the Cloud

The Virtue of Intelligence in the Cloud

According to a recent IDG survey, about 70% of companies have at least one application in the cloud. An additional 43% want to migrate most, or all, of their data workloads and analytics capabilities to the ...
Amazon to build new fulfillment center in Ottawa, create 600 jobs

Amazon to build new fulfillment center in Ottawa, create 600 jobs

(Reuters) - Amazon.com Inc said on Tuesday it planned to build a new fulfillment center in Canada’s capital Ottawa that would create more than 600 full-time jobs. The center, which is the company’s fifth in ...
Four Providers of Smart City Kiosks Named IDC Innovators

Four Providers of Smart City Kiosks Named IDC Innovators

FRAMINGHAM, Mass., July 11, 2018 – International Data Corporation (IDC) today published an IDC Innovators report profiling four providers that are considered key emerging vendors in the Smart City kiosks market. The four companies named as ...