Switzerland-based bank Credit Suisse’s former software development group, which spun out in 2008 to form DynamicOps as an independent company, has raised $11m in its series B round.
Credit Suisse’s Next II corporate venturing group reinvested in DynamicOps’ B round, which was led by venture capital (VC) firm Sierra Ventures and joined by VC peer Next World Capital.
As part of the B round, Les Yetton and Paul Silver have joined DynamicOps, a provider of private cloud automation software, as chief marketing officer and vice-president of sales in Europe, respectively. Yetton was previously chief executive of Neocleus, a producer of technology, which was acquired by chip maker Intel, while Silver held the same role at EqualLogic, a storage service.
Next II spun DynamicOps out in June 2008 and last year the portfolio company posted 200% year-over-year revenue growth and a 115% increase in new customers, while 75% of its existing customers expanded their implementations.
DynamicOps was formed in January 2008 after Credit Suisse first deployed a virtual infrastructure in 2005 after development by Credit Suisse’s Global Research and Development Group.
At the time, Karl Landert, chief investment officer at Credit Suisse, said: "Forming DynamicOps provides Credit Suisse with the opportunity to realize a return on its software investment, as well as properly form and fund a software organization that can help meet its current and future technology needs, as we continue to roll out our dynamic data center vision."
Next II had previously been part of a consortium investing $15.6m in FaceTime Communications, a US-based provider of software that provides security control over communications within businesses, but the bank was unavailable to comment on its more recent activity.