RightScale Secures $13 Million in Venture Funding
Index Ventures Leads Investment to Fuel Continued Growth for the Leading Cloud Computing Management Vendor
SANTA BARBARA, Calif. December 8, 2008 RightScale, Inc., the leader in cloud computing management, today announced that it has secured $13 million in its second round of venture capital funding, led by Index Ventures. Current investor Benchmark Capital, which led RightScale's first round of venture financing, also participated in this round. In addition, RightScale announced that Index Ventures partner Danny Rimer has joined the company's board of directors. RightScale will use the proceeds to accelerate product and market development of its cloud computing management platform to meet growing demand, including support for new clouds and expansion into additional geographic markets.
Michael Crandell, CEO of RightScale, commented, "Index Ventures has a superb track record in identifying winning technology companies in high growth markets, and we are very pleased that they have demonstrated their confidence in RightScale by leading this financing round. The market for cloud computing is exploding, and this funding will provide the capital to cement our position as the leading cloud computing management vendor and to prepare for further growth in a very promising and expanding marketplace."
Over the next five years, spending on IT cloud services is expected to grow almost threefold, reaching $42 billion by 2012, according to industry research firm IDC. Specializing from its inception exclusively on cloud computing technology, RightScale is well positioned to maintain its leadership position as this industry matures. The company has two years of real-world cloud computing experience and thousands of live deployments. Over 200,000 servers have been successfully launched using the RightScale cloud management platform.
“Having looked at this space in great detail, we believe that RightScale will continue to be the clear leader in cloud computing services," said Index Venture's Rimer. "With RightScale's platform, organizations can quickly realize the benefits of cloud computing without the risks commonly associated with cloud deployments, such as vendor lock-in and loss of IT control. We’re very excited to be working with RightScale's experienced team to guide the company's growth, including its expansion into the European market."
RightScale's Web-based cloud computing management platform lets any organization tap the enormous power of cloud computing for scalable, cost-effective IT infrastructure on demand, while maintaining complete control and flexibility. RightScale reduces the complexity of cloud computing, enabling organizations to deploy mission critical applications in a matter of hours, without the risk of lock-in at any level. With sophisticated "cloud-aware" server templates, the fully-automated RightScale platform requires little knowledge of cloud architecture to deploy, manage and dynamically scale even complex, multi-cloud applications.
For more information about the RightScale cloud management platform, please go to www.RightScale.com.
About Index Ventures
Index Ventures is a leading European venture capital firm active in technology venture investing since 1996. The firm is dedicated to helping top entrepreneurial teams in the Information Technology and Life Science sectors build their companies into market defining global leaders. The firm has offices in Geneva, London and Jersey and focuses on investments from seed through growth stage companies. Recent exits include Skype (the pioneering communications company acquired by eBay); MySQL (the world's most popular open source database recently acquired by Sun), Last.fm (the world's largest social music platform, recently acquired by CBS) and BioXell (BIOX, floated on the SWX in 2007). For more information, please visit www.IndexVentures.com.
About RightScale, Inc.
RightScale is the leader in cloud computing management. Founded in 2006, the company offers a fully automated management platform that delivers the scalable, cost-effective, on-demand power of cloud computing, while maintaining complete IT control and transparency. To date, thousands of deployments and over 200,000 servers have been launched on the RightScale cloud management platform for industry-leading companies. RightScale is committed to delivering the power of cloud computing to any organization by making it easy to deploy and manage mission critical applications, regardless of deployment size, complexity or cloud platform used. RightScale is headquartered in Santa Barbara, California. To learn more about RightScale, please visit http://www.RightScale.com.