Ignition Partners pours $15M into ServiceMesh

Faith Merino · November 16, 2011 · Short URL: https://vator.tv/n/2197

The enterprise cloud platform gets VC backing for its Agility Platform

Enterprise cloud platform ServiceMesh announced Wednesday that it has raised $15 million in its first round of funding from Ignition Partners, and partner Frank Artale will be joining ServiceMesh’s board of directors.

There are plenty of enterprise-grade cloud platforms around, but what makes ServiceMesh unique is its Agile IT operating model, which takes the hassle of deployment and operational support of applications, platforms, and IT infrastructure, and standardizes it as a self-service, demand-driven, pay-as-you-go model.

The company likens the Agile IT model to the industrial revolution, in which machines began taking the place of individual craftsmen to create an abundance of low-cost goods.  In the same way, ServiceMesh says, IT is undergoing a revolution.  The Agile IT model speeds up the time-to-delivery for enterprise applications and reduces the cost via demand-driven consumption.

Founded in 2008, CEO Eric Pulier tells me that the company has been profitable since inception and has been growing at a rate of 2x-3x a year. 

"Large enterprises are now using public and private cloud technology for new SaaS and existing applications," Frank Artale told me.  "The business units within these enterprises demand access to the latest and greatest applications and infrastructure, and to provide value the central IT department must deliver them. At the same time the central IT department is responsible for pervasive governance, compliance and service level agreements.  The ServiceMesh Agility platform allows the central IT department to deliver these services to their business units rapidly while insuring that the services meet company use guidelines."

ServiceMesh plans to use the new funds from this round to invest in new partnerships and expand its global market reach. 

"We consider Ignition to be the premier investor in the cloud industry," said Pulier.  "The firm has the same passion that we do for enabling more agile operating models, and  track record that speaks for itself. We’re thrilled to work with Frank Artale and his partners to bring ServiceMesh to the next level."

Support VatorNews by Donating

Read more from our "Trends and news" series

More episodes