Rockville, Md.–based CloudBolt Software is looking to double staff following the recent close of a $23 million Series A round.
The funding was led by Insight Venture Partners. The New York VC also recently backed D.C.–area company LeaseAccelerator. Originally named SmartCloud prior to 2012, CloudBolt had found its way in the enterprise market and is now poised to grow significantly.
The funding itself comes at a point within the cloud industry where the need for companies to transition from on-premise clouds to hybrid clouds is dramatically increasing. The global hybrid cloud market, which was valued at $40.62 billion in 2017, is expected to reach a value of $138.63 billion by 2023, according to the company.
In an era where the term “cloud” is thrown about with wild abandon, what exactly is a “hybrid cloud?” Per CloudBolt CEO Brian Kelly, “a hybrid cloud system means that the underlying technologies come from a mix of resources that can include on-premises, private cloud, a public cloud resources.”
The company’s clients include Airbus, Electronic Arts, The Home Depot, and Xerox.
The advantage for using a hybrid cloud architecture “provides a way for enterprises to take advantage of the benefits of each emerging cloud technology environment as well as leverage its existing legacy systems that still work well,” said Kelly. “CloudBolt makes it easier for enterprise IT to provision resources to their teams. We help remove the backlog of IT requests with fully managed self-service IT resources.”
With the investment, the company is looking to “enhance each of the functional areas in the organization. The approach will be a balance of product development, product support, sales, and marketing investment.”
The company currently has 35 employees, and is planning to increase that total to 70 over the next 18 months. Kelly said most of the company’s leaders are in the D.C. area. It also has offices in Portland, Oregon, and a distributed workforce in locations around the country.
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