CloudHealth is a SaaS-based platform that provides business performance management (BPM) for the cloud. The platform is designed to help companies optimize performance of the cloud and reduce businesses monthly cloud costs by at least 20 percent.
CloudHealth allows IT managers to analyze, model, plan and predict their cloud environment by customer, product, service and organization. The new funds will be used to scale the firm’s engineering, sales and marketing teams, according to Dan Phillips, CEO and cofounder of CloudHealth Technologies.
“The cloud market is analogous to the network market in the 1990’s. We haven’t seen an opportunity for disruption of this magnitude in 15 years,” Phillips said in a statement. “The cloud is a strategic asset and there is an executive level need for companies to integrate cloud usage into the business model. This is what CloudHealth is all about.”
CloudHealth Technologies officials said the startup already has several customers already using CloudHealth, and the Boston-based company will be conducting a formal rollout over the next few months.
While many companies today are launching new system admin tools for the cloud, CloudHealth is unique to offer a BPM-focused cloud platform, according to Larry Begley, managing director of .406 Ventures.
“As a venture capitalist, we see a lot of companies focused on system administrator tools for the cloud,” Begley said. “But CloudHealth is the first to focus on Business Performance Management.”
In other cloud funding news, Nipendo, which offers a cloud-based trading platform for businesses, recently closed its Series B round of funding, totaling $8 million, TMCnet reported.
The funding round was led by Horizons Ventures, which has made other notable investments in the tech sector, including Facebook, Spotify (News - Alert) and Siri. Previous investor, Tel Aviv-based Magma Venture Partners, also participated in the new round of funding.
The Israel-based company plans to use this latest injection of funds to scale its business operations, and expand to the U.S. with the opening of its new headquarters in Boston, Mass.