O’Melveny Represents Metacloud Inc. in Series B Funding RoundMay 08, 2014 FOR IMMEDIATE RELEASE
O’Melveny & Myers LLP
SILICON VALLEY -- May 8, 2014 -- O’Melveny & Myers LLP represented Metacloud Inc. in its US$15 million Series B round of funding featuring new investors Pelion Venture Partners, Silicon Valley Bank, and UMC Capital, as well as prior investors AME Cloud Ventures, Canaan Partners, and Storm Ventures.
The O’Melveny team was led by partner Paul Sieben, counsel Katherine McCormick, and associate Christopher Brannan.
O’Melveny & Myers LLP
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The following press release was issued by Metacloud:
OpenStack Vendor Metacloud Closes $15 Million Series B
Funding Round Underscores Metacloud’s Market Leadership and Growth Opportunity; Company will Invest in Additional R&D and Key Technical Hires
PASADENA, Calif.—May 7, 2014—Metacloud Inc., a leader in deploying and operating OpenStack as a service for some of the world’s largest companies, today announced it has closed a $15 million Series B round of funding featuring new investors Pelion Venture Partners, Silicon Valley Bank, and UMC Capital, as well as prior investors AME Cloud Ventures, Canaan Partners, and Storm Ventures.
“We see this round as further validation of both our business model and our technological capabilities,” said Steve Curry, co-founder and president at Metacloud. “We have filled a significant market gap by offering solutions that combine the convenience of public cloud with the security, predictability, and economic advantages of private cloud. And the market is responding. Adoption of Metacloud solutions has accelerated dramatically over the past year. Our install base has doubled over the last quarter, and our average customer grows by 10% month over month.”
“With this round, Metacloud establishes itself as a company that has arrived,” said Jerry Yang, of AME Cloud Ventures. “They are in a large and competitive market, but they have all the ingredients to be big winners and we are excited at the opportunity to reinvest in their future.”
“With Metacloud, we see a company that has the potential to transform how global enterprises are working with OpenStack,” said Blake Modersitzki of Pelion Ventures. “The customer base, product maturity, and team are all exceptional.”
The company will use the Series B funds to capitalize on its market momentum by expanding its talented team, which has already more than doubled over the past year, and to accelerate the evolution of its product platform. Metacloud currently offers two private cloud solutions: Metacloud OnPrem and Metacloud Hosted. Metacloud OnPrem is a flexible solution based on OpenStack that can run on all leading hardware platforms and includes continuous feature updates, 24×7 advanced operational support, and an unmatched SLA. It puts the agility of public clouds behind client firewalls, on their hardware, in their data centers, with click-to-compute capability that allows users to access the resources they need almost instantly.
Metacloud Hosted is a turn-key solution that bundles the company’s same powerful OpenStack-based platform and expert support with global hosting, hardware, and networking technology to deliver the security, performance, and economic benefits of a private cloud with the on-demand provisioning of the public cloud. It was designed for the growing number of companies that are showing enthusiasm for dedicated private cloud solutions, but are not interested in either building or managing their own on-premises private cloud.
Founded in 2011 and headquartered in Pasadena, California, Metacloud deploys and supports private cloud solutions for some of the world’s largest enterprises. The company’s OpenStack as a service model allows them to deliver production-ready, easy-to-consume clouds at a fraction of the cost of competitor solutions. Metacloud is an OpenStack Foundation member and an active contributor to the project. For more information, visit www.metacloud.com or connect with Metacloud on LinkedIn, Twitter and Facebook.
Media Contact: Laura Finlayson or Darah Roslyn MSLGROUP (415) 817–2500