Cloud ‘Complexity’ Startup Raises $41M In Series D Funding
Launched in 2013, Fugue, Inc. was created to solve the complexities of cloud infrastructure and migration. That thesis has caught the attention of many investors.
Over its first three rounds of funding, Fugue raised $34 million to create, enhance, and push its product – also named Fugue – to the market. The company announced this week, however, it has tacked on another $41 million in Series D funding, led by New Enterprise Associates (NEA) with participating from Maryland Venture Fund and new investor Future Fund.
The funding comes as Fugue prepares to launch new enterprise-grade cloud infrastructure automation products that provide enhanced capabilities for team collaboration, infrastructure control, and continuous enforcement of regulatory compliance. The funds, Fugue said, will be used to for the product’s go-to-market strategy as well as accelerating product development.
“Cloud adoption is moving at a breathtaking pace, and enterprises are running into challenging hurdles when attempting to operate in the cloud at scale, impeding velocity of application delivery and, ultimately, their ability to compete effectively,” said Ron Bernal, venture partner, NEA, in a statement. “With its patented approach to solving modern-day cloud challenges, Fugue is well positioned to help enterprises fully realize the potential of the public cloud for the new era of agility and innovation. We are excited about our partnership with the Fugue team.”
Fugue’s cloud products are currently compatible with just Amazon Web Services, but plans to expand and “support other cloud providers in the near future,” according to the company’s website.
Cloud services have become a competitive market unto itself, as major competitors, including AWS, IBM, and Microsoft, battle for a data space that is accelerating at a nearly quadruple rate over a five-year period ending in 2020.
Cisco forecasts the growth of cloud data traffic to increase from 3.9 zettabytes (one trillion gigabytes) to 14.1 zettabytes in 2020. According to the study, business workloads will take up some 72-percent of that total figure, with consumer workloads making up the remaining 28-percent. Most telling, however, is that 92-percent of data workloads will be done in the cloud by 2020.
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