Intel Capital, a division of Intel Corporation, set up to manage global investment, Corporate venture capital, mergers, and acquisitions lead the race in US-based cloud workload mobility firm Velostrata’s Series B funding with $17.5 million investment. Apart from Intel Capital, other existing investors like 83 North and Norwest Venture Partners has also taken part in this funding.
Velostrata is a cloud workload mobility firm which moves existing applications to the public cloud, especially those applications which come with a large amount of data. The firm will use this fund to aggregate company’s growth, particularly in the mid-to-large enterprise market. The company has also introduced Velostrata 2.0 recently, which will assure low-risk and non-disruptive approach for moving applications and data to the cloud. Last year, the New York-based firm had been able to raise $14 million Series A funding from the existing investors to expand its sales, channel partner development, and business development.
The General Manager of Enterprise Cloud Solutions in Intel’s Data Center Group, Patrick Buddenbaum, commented on this recent investment, “Enterprises require a hybrid cloud strategy as the new foundation for business success. Velostrata’s technology helps provide portability and seamless application management across legacy, private and public cloud resources, enabling IT to optimize at any time their TCO, growth and compliance within their hybrid cloud environment,”
Velostrata was founded by Issy Ben-Shaul and Ady Degany in the year 2014 and gains their expertise in separating storage from compute resources and deserting the storage in place on-premises while running a virtual machine in the cloud. Company’s software makes moving production applications the public in a very fast, simple, cost-effective and risk-free manner. Velostrata does not come with any agent to provide the solutions and also let its users to not complex cutover processes, modify workload images, or manage lengthy replications.
Issy Ben-Shaul, the Co-founder and the CEO of Velostrata welcomed the Series B funding and said, “As enterprises race to keep pace with the demands of the modern and rapidly changing business, IT’s ability to leverage the trust, control and reliability of private cloud along with the simplicity, affordability and flexibility of the public cloud is increasingly important. That’s why the attention and demand for Velostrata have increased dramatically in the last year. The flexibility to move data-rich workloads from legacy environments to both private and public cloud is a challenge for most enterprise IT departments, and Velostrata is mitigating the risks, downtime and complexity once associated. We’re delighted to welcome Intel Capital as a strategic investor, as well as Norwest Venture and 83 North as repeat investors, as we continue to eliminate boundaries around hybrid cloud computing,”