Industry News Desk
Cloud Computing Gathers Steam With $6.4M Round for SOASTA
New Funding Will Be Used To Support Product Enhancements, Marketing and Business Development Efforts
Sep. 8, 2008 09:55 AM
SOASTA announced the successful close of $6.4 million in Series B funding. New investor, Formative Ventures led the round with continuing participation from previous investors including Canaan Partners and The Entrepreneurs' Fund. The new funding will be used to support product enhancements, marketing, and business development efforts to address the growing demand for SOASTA's web testing solution for Cloud Computing environments.
SOASTA also announced that Clint Chao, co-founder and general partner at Formative Ventures, has been elected to the company's board, joining Canaan Partners and The Entrepreneurs' Fund.
"We're always on the lookout for promising companies that provide a critical missing link that can serve as a catalyst for market growth," said Clint Chao, general partner, Formative Ventures. "In SOASTA, we found a fast growing company that helps enterprises more readily and comfortably move their data onto cloud networks. SOASTA's 'reliability-as-a-service' solution enables companies to easily test the performance and scale of their platform, whether they're hosted behind a firewall, or out on one of the cloud networks, and that should further accelerate cloud market adoption."
Silicon Valley-based SOASTA launched in early 2008 with a new way of testing today's web applications and services. The company has amassed an impressive and growing list of customers, and was named a "Cool Vendor" by Gartner Group in its 2008 "Cool Vendors in Application Development (AD)."
"Progressive investors like Formative and Canaan who appreciate the new frontier of cloud computing will help SOASTA increase its market reach and penetration," said Tom Lounibos, CEO, SOASTA. "This round of financing will enable us to aggressively invest in our product and go-to-market strategies and plans, and is a testimony to the confidence our investors have in our company and market opportunity."