Joyent snags round of funding to boost cloud attack
Cloud company Joyent boosted by $85m of venture funding for range of new services
Joyent is set to get some big funding in its move on Amazon’s cloud market. The San Francisco-based company has just snaffled a whopping $85 million in funding in its bid to ramp up its cloud offering.
The European venture capital firm Weather Investment II, advised by Accelero Capital, is providing the bulk of the funding, with Spanish telco Telefonica also participating as a strategic investor. Joyent is set to use the funding to roll out a series of new cloud products in an attempt to eat into Amazon’s lead in this market.
“We see the demand for consistent global services regardless of how many countries our customers are operating in,” said David Young, CEO of Joyent. “This funding will enable Joyent to build out a global compute offering to assist customers in expanding consistent software, support and services to their clients.”
The venture firms believe that Joyent offered a different approach to the implementation of cloud and that provided the impetus for the investment.
“We believe that Joyent’s unique approach to cloud and systems solutions provides an edge compared to other providers,” said Khaled Bichara, co-CEO of Accelero Capital. “We are delighted to make this strategic investment in a company that is providing solutions to some of the toughest problems in cloud computing, such as cloud performance, resiliency and security, thereby unleashing the full potential of the next generation of computing.”