Aria Systems, a US-based cloud billing service backed by virtualisation software provider VMWare, has raised $18m in a round led by private equity firm Madison Bay Capital.
The round included Hummer Winblad Venture Partners, InterWest Partners and Venrock, all four investors having taken part in Aria’s last round, a $50m series E in February 2016 that included VMWare, Bain Capital Ventures, Rembrandt Venture Partners and Hercules Technology Growth Capital.
Founded in 2002, Aria Systems has created an online billing platform that helps businesses monitor their outgoings and monetise their products and services.
The company will use the funds to support business growth, building on contracts secured with clients including data services provider Merril and diversified technology manufacturer Philips.
Aria has now raised $150m in funding altogether, it said in a statement, $40m of which was secured in a 2014 series D round led by Bain Capital that included VMWare, Tugboat Ventures, Hummer Winblad, Interwest Partners and Venrock.
The latter three also backed a $20m series C round in 2011 that featured EMC, the data storage provider that acquired VMWare in 2004.
Steve Reale, managing partner of Madison Bay, and Drew Harman, director of InterWest Partners, will join Aria’s board of directors following the latest round.