Cloud Computing Startups Raise Big Money: UPDATE 7
Today, there are two startups in focus – Symplified and Tidemark.
California startup Tidemark, which promises to provide “Enterprise Performance Management Built for the Cloud,” raised $24 million in Series C funding led by Redpoint Ventures, with Greylock Partners, Andreessen Horowitz, and entrepreneur Dave Duffield participating. Earlier, it had raised $6.3 million in Series A and $5 million in Series B rounds.
Tidemark provides cloud-based analytics tools for metrics management, strategic, financial and operational planning, budgeting and forecasting, and profitability modeling. These tools are designed to optimize collaboration and mobile operation.
“The world’s largest enterprises are demanding an analytics solution truly built for the cloud. We’re seizing on this extraordinary market opportunity and we are excited to have Redpoint Ventures join our team through a shared vision and passion,” said Christian Gheorghe, founder and CEO of Tidemark. “With this capital, Tidemark will continue to expand its core technology, products and go-to-market capability to deliver innovation and customer success in analytics.”
“The next-generation of enterprise applications combine social, mobile, analytics and big data,” commented Geoff Yang, founding partner of Redpoint Ventures. “Tidemark is at the nexus of all of these trends and Redpoint is extremely pleased to make this investment. We look forward to a long-term successful relationship in helping to build the company.”
Colorado-based cloud computing startup Symplified, which describes itself as “The Cloud Identity Company,” has just closed a $20 million Series C round of funding led by Ignition Partners, bringing to a total the money raised since its inception in 2006 to $38.8 million. According to Eric Olden, CEO and Founder of Symplified, the funds will be used for marketing and operational expansion.
“We developed a purpose-built platform for converged identity management that makes cloud services as secure and manageable as if they were inside the firewall regardless of the location of users, apps, and devices. Unlike retrofitted federation software products being marketed as cloud solutions, Symplified is a pure-play cloud identity service,” Olden said. Symplified offers secure access to SaaS applications like Salesforce, ADP, WebEx, Taleo and Success Factors, and claims 3.8 million subscribers.
“Symplified pioneered the market for cloud identity and access management with a cloud delivered service that goes beyond single sign-on and is accessible to any sized organization. We were impressed by the company’s founders and their track record of innovation in the identity and access management space. First in Web access management, then in identity federation and now in cloud and mobile access management. Symplified is at the forefront of an enormous market opportunity to secure and manage the cloud,” said Cameron Myhrvold, partner at Ignition Partners. He will also join the Board of Directors.
By Sourya Biswas