The funding round follows a handful of recent financing and investment rounds in the cloud computing market, including Cloud database maker Clustrix’s $10 million funding round, CloudPhysics’ $10 million Series B funding, and infrastructure-as-a-service provider DigitalOcean’s $3.2 million seed round.
Cloud Technology Partners will use the funding to support its rapid growth and to expand its professional services and software offerings.
The company plans, designs and builds cloud applications and infrastructures that keeps IT costs down, streamline operations and accelerate time to market.
More specifically, the investment will go toward improving Cloud Technology Partners’ position as the market expert for building cloud infrastructures and applications.
In addition, the company will use the investment to meet the demand for its first application migration software product, PaaSLane, and to further improve the product’s functionality and usability.
“Oak is an extremely sophisticated investor so we are gratified by their confidence in us,” said Chris Greendale, founder and CEO of Cloud Technology Partners. “They see a company that has beyond first class people, an unparalleled cloud knowledge base, a Fortune 500 client list to die for, and a great reputation – all of this in an early market. We are particularly pleased that Ed Glassmeyer of Oak Investment Partners, has agreed to join our Board of Advisors. Ed adds to an already very accomplished group of individuals including Bill Helman of Greylock Partners and Chris Pasko of The Blackstone Group.”
According to its website, Cloud Technology Partners has completed over 50 engagements designing and building advanced cloud computing infrastructures for its enterprise customers, located in the US and internationally.
The Series B round included funding from a new strategic investor, whose name Cloud Technology Partners did not disclose, as well as additional funds from existing investors State Street Bank and select angels.