Gravitant, which makes software for companies to manage their cloud services, announced Wednesday that it has received $10 million in Series B funding.
Corsa Ventures led the round and was joined by existing investor S3 Ventures.
The Austin-based company plans to use the money to expand its sales and marketing, to fulfill customer orders and to add more features to its cloud management platform.
In addition, Alex Gruzen with Corsa Ventures will join Gravitant’s board of directors.
“Gravitant has the potential to change the way Enterprise IT is done,” Gruzen said in a news statement. “While cloud computing shows much promise in transforming IT, CIOs are struggling with cloud adoption and simply not getting the ROI they expect from their private and public cloud investments. Gravitant’s cloudMatrix brokerage and management platform optimizes agility and cost while maintaining control. The result is a vastly improved cloud ROI.”
“Customer interest in cloud brokerage and management platforms is accelerating, and this funding will help us take advantage of this rapidly growing market space,” Mohammed Farooq, co-founder and CEO of Gravitant said in a news statement. “We believe Gravitant will be the next major software company in Austin, and we are very pleased to see the support from Austin-based venture capitalists to help us realize this goal.”
Tag: Series B
Tabbedout, a mobile payment app that allows people to pay bar and restaurant tabs with their mobile phone, received $7.75 million in venture capital.
The Austin-based company announced the Series B financing deal Thursday on its website. The investors included NEA, Heartland Payment Systems and Morgan Creek Capital.
With the latest financing, Tabbedout has raised $13.5 million, according to its CrunchBase profile.
Tabbedout, founded in 2009, plans to use the funds on marketing and to expand sales.
“Tabbeout has created a truly innovative solution for the hospitality industry, giving merchants key insights into customer behavior and feedback, which greatly improves the consumer experience,” Rick Yang, principal at New Enterprise Associates, said in a news release.
Tabbedout is available at more than 1,000 locations nationwide. The free smartphone app is available for download from the Apple App Store or Google Play.
