US-based hybrid cloud software developer Velostrata emerged from stealth yesterday with $14m from Norwest Venture Partners, the venture capital firm funded by financial services provider Wells Fargo, and VC firm 83North.
Founded in 2014, Velostrata develops software that enables businesses to stream workloads between on-site servers and the cloud in the space of minutes.
The series A funding will support further development of the technology, as well as the hiring of more sales, marketing and support staff in both the US and Europe.
Issy Ben-Shaul, chief executive of Velostrata, said: “We are excited to have such great investors in Norwest and [83North] that are committed to the long-term vision and growth of the company.”