Electric Cloud Secures $9 Million
Rembrandt Venture Partners Leads Series C Investment Round to Extend Company's Lead in Software Production Management Market
Mountain View, CA, January 17, 2007 Electric Cloud® today announced the completion of a $9 million Series C round of financing led by Rembrandt Venture Partners, a venture capital firm focused on early-stage technology companies. All existing investors — Mayfield Fund, RRE Ventures and U.S. Venture Partners — participated in the round. Douglas Schrier, general partner at Rembrandt Venture Partners, has joined Electric Cloud's board of directors.
Electric Cloud will use the proceeds to extend its lead in the software production management market and fund expansion in product development, sales and marketing. The company has raised a total of $22.1 million to date.
"The financial backing of Rembrandt Venture Partners as well as participation from all our existing investors in this round is strong validation of the tremendous market opportunity for Electric Cloud," said Mike Maciag, CEO at Electric Cloud. "Rembrandt has a proven track record in working with technology companies and building industry leaders. Their investment and counsel will help us maintain high growth and take advantage of the exploding market for software production management."
Electric Cloud's product family, ElectricAccelerator™, ElectricInsight™ and ElectricCommander™, are designed to accelerate, analyze and automate software production management, which is the build/package/test/deploy process that follows software design and coding. With Electric Cloud solutions, software developers can reduce build times by as much as 20 times, improve engineering productivity and go to market faster.
"Electric Cloud addresses a significant problem for software development organizations — that is, the increasingly costly and unmanageable process of software production that can represent a huge bottleneck in application delivery," commented Schrier. "The company is on a fast growth path, and we look forward to helping it build on its success as software production management becomes critical to maintaining competitiveness in all industries."
About Rembrandt Venture Partners
Rembrandt Venture Partners (RVP) was established as a formal venture fund in 2004 to provide private equity capital to early stage technology companies. The firm is focused on actively managing the portfolio's risk, duration and liquidity while dynamically pursuing investments in a variety of sectors including enterprise software and services, Internet infrastructure, communications equipment, next generation wireless sectors and new media convergence companies.
About Electric Cloud
Electric Cloud is the leading provider of Software Production Management solutions that accelerate, automate and analyze the software development tasks that follow the check-in of new code. These include the software build, package, test and deploy processes. The company's patented and award-winning solutions improve productivity in the face of increasing product complexity and time-to-market pressures for software delivery. Until now, most organizations have used 'homegrown' solutions that can be difficult to manage, brittle and isolated, resulting in process bottlenecks. This is all compounded by increasing adoption of agile development methods, distributed teams, and pressures of compliance mandates. Leading companies such as Qualcomm, Intuit, and LSI Logic rely on Electric Cloud's Software Production Management solutions to change software production from a liability to a competitive advantage. For customer inquiries please contact Electric Cloud at (650) 968-2950 or www.electric-cloud.com
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