Auth0 and Platform9 raise combined $52 million in series C rounds
Venture capital money for cloud technology continues to stream through, with more than $50 million announced over the past week for two companies in the identity and hybrid cloud space respectively.
Auth0, an identity as a service platform provider based in Bellevue, Washington, confirmed it has raised $30 million (£23.1m), while ‘open source as a service’ firm Platform9, based out of Sunnyvale, California, announced $22 million (£17m). Both rounds were series C.
For Auth0, the funding comes amidst a year of record growth, with revenue increasing almost three times year over year and new customers including Atlassian, News Corp, and Houghton Mifflin Harcourt. Platform9, meanwhile, called the year’s performance ‘tremendous’ and pointed to a customer base growth of 360% and revenue growth of 300%.
Meritech Capital Partners led the Auth0 round, with existing investors Bessemer Venture Partners, Trinity Ventures and K9 Ventures, and new investors NTT Docomo Ventures and Telstra Ventures participating. For Platform9, the round was led by Canvas Ventures with Hewlett Packard Enterprise, Redpoint Ventures, and Menlo Ventures, participating.
“In our dozens of calls with customers, it was clear that Auto0’s value proposition is resonating in the market,” said George Bischof, managing director at Meritech Capital Partners. “Developers can leverage Auth0’s extensible and easy to integrate identity platform and free up their cycles to work on the core application. Auth0 subscriber adoption is exponentially expanding and we are excited to support their rapid growth.”
Sirish Raghuram, co-founder and CEO of Platform9, wrote in a letter about the increasing importance of open source technologies for enterprise. “Enterprises will come to bet on solutions that are rooted in open source, instead of proprietary solutions that require the vendor to lock in the customer to remain a viable business over time,” he wrote.
“This will happen across a range of computing services, but is especially pertinent in the infrastructure space. Just ask any large VMware or AWS customer and chances are, they’ll tell you they are exploring open source alternatives.”
Elsewhere, Minjar, an AWS managed service partner, announced an undisclosed amount in a pre-series A funding round led by Blume Ventures. The company tweeted out news of Blume’s investment at the recent India Cloud Summit event.
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