November 30, 2005 -- (WEB HOST INDUSTRY REVIEW) -- Data center automation software developer PlateSpin (platespin.com) said on Tuesday that it had secured a $7.4 million round of financing from New York's Insight Venture Partners.
Level 1 PCI DSS Certified Service Provider! DataPipe delivers the best network & support; top tier data centers; New York metro, Silicon Valley, London, Hong Kong, Shanghai. DataPipe - Personal Touch, Global Reach.
The company says the new funds will be used to further accelerate growth in software development, sales, marketing and customer support. Stephen Pollack, CEO of PlateSpin, says the investment will also enhance the attractiveness of PlateSpin as a world-class employer.
PlateSpin says it recently passed the 500-customer mark and added 162 customers in its most recent quarter, helping boost revenues by 95 percent.
"Our ability to raise this round of financing speaks volumes about the rapid growth of the virtualization market and the attractiveness of our OS Portability technology as an enabler to creating a dynamic and optimized data center," says Pollack. "Insight Venture Partners, along with our existing Canadian investors Covington Capital Corporation, CastleHill Ventures, Skylon Capital Corp and Four Quarters recognize that there is a large opportunity in this market for our products and solutions."
PlateSpin technology creates virtual infrastructures and automates the migration of data, applications and operating systems across data centers.
"PlateSpin has clearly demonstrated the ability to significantly increase the returns on its customers' virtualization projects," says Scott Maxwell, managing director of Insight Venture Partners. "We believe they are well positioned to deliver on the next milestone: a comprehensive, cross platform, server optimization management system."
