CloudShare Raises $10MM Series B Funding from Sequoia Capital, Gemini Capital, and Charles River Ventures
CloudShare, formerly IT Structures, announced it has received $10M in series B financing from Sequoia Capital, Gemini Capital, and Charles River Ventures (CRV). The company plans to use the investment to fund product development and expand its go-to-market capabilities.
CloudShare, a Menlo Park-based startup, has developed what could be revolutionary for solution providers and ISV’s selling software or appliances: A way for organizations to instantly deploy multiple, independent copies of their existing demo or training environments in the cloud. The company says its ability to raise a significant round of funding at a higher valuation than its previous round — in a down economy — reflects the stability of the company and the value it provides.
“CloudShare has taken all the necessary steps to solidify its market position and prepare for future growth. We are impressed by the team and track record CloudShare brings to the table, and are immensely pleased to be backing a company that we believe is not only capitalizing on cloud computing, but using it in the right way to benefit business users,” said George Zachary, Partner at Charles River Ventures.
CloudShare customers, which include such industry leaders as VMware, Cisco, SAP and more, have already delivered over one million VM demo, PoC (proof of concept) and training hours to date, representing over six quarters of consecutive double-digit usage growth for CloudShare. This early success demonstrates the practical, revenue-oriented, immediately useful nature of the CloudShare platform.
“Since founding CloudShare in 2007 we’ve been focused on developing our technology, with the promise that it will revolutionize the way sales demos and PoC’s are conducted. We’ve officially come out of stealth mode with marquee customers, a proven cloud-based technology platform, and $10M in funding to help build out our vision. We now have all the right assets in place and we look forward to reaping the benefits in 2010 and beyond,” said Zvi Guterman, CEO of CloudShare.
About George Zachary
Focus: Consumer Internet and infrastructure
Andale - acquired by Vendio, 2006
Shutterfly - IPO 2006, (Nasdaq: SFLY)
Supertracks - acquired by Centerspan, 2001
Accrue Software - IPO 1999
Critical Path - IPO 1999, (OTC:CPTH)
Securify - acquired by Kroll-O’gara, 1999
Sandcastle - acquired by Adobe Systems
Telebot - acquired by Z-Tel
General Partner at Mohr Davidow Ventures
Led Nintendo 64 development at Silicon Graphics
Marketing Manager at virtual reality pioneer VPL Research and CATS Software
Education: Joint BS, MIT/MIT Sloan School
CloudShare is a quick and easy way to share copies of your complex IT environments, online, so you can collaborate with customers, partners, and colleagues – for Demos, Proofs-of-Concept, Training, or other enterprise applications – without wasting time copying gigabytes of software or shipping machines and people. Going beyond basic webinar or “virtual lab” offerings, CloudShare’s solutions enables users’ extended interaction in dedicated “hands on” production-grade replicas of their existing IT, delivered as cloud-based SaaS – while centrally monitoring and managing it all. Leading solutions providers have adopted CloudShare as their vendor of choice to extend access to their virtual infrastructure from the Enterprise to the Cloud. Backed by Gemini, Sequoia Capital and Charles River Ventures, CloudShare is a privately held company based in Menlo Park, with globally accessible sales offices and SaaS platform. For more details visit www.CloudShare.com or call 1-888-609-4440.