Gravitant, based in Austin, has announced it has expanded its Series B funding round by $25 million.
The company previously raised $10.3 million in Series B funding in January from Corsa Ventures and S3 Ventures. The latest funding came from new investor Cielo Private Equity and existing investor S3 Ventures. As part of the deal, Lisa Harris, managing partner of Cielo Private Equity, will join the company’s board of directors.
Gravitant plans to use the money for sales and marketing and on research and development of its products.
“CIO and solution provider interest in cloud brokerage has accelerated over the past year, and this funding will help us take advantage of this growing demand,” Mohammed Farooq, co-founder and CEO of Gravitant said in a statement. “We are very pleased to see the increased support from additional Austin-based venture capitalists as well as the continued commitment from our existing investors to help us build the next major enterprise software company in Austin.”
Gravitant provides cloud brokerage and management software, delivered in a software as a service model. The company, founded in 2004, has raised a total of $40.3 million from three investors, according to its Crunchbase profile.
