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Tech Valley News
Apprenda Closes $5 Million Investment
Apprenda, the creator of SaaSGrid, the world’s first SaaS application server, announced today that the company has closed a $5 million investment round led by New Enterprise Associates (NEA), a leading global venture capital firm with a 30-year track record of successful investing in companies including Salesforce.com, WebEx, Juniper Networks and XenSource. Existing investor High Peaks Venture Partners also participated in the round of funding.
With SaaSGrid, Apprenda has changed the way that software is built and delivered, providing a solution to the architecture and management complexities of delivering software across distributed web scale environments. Cloud computing is driving software companies toward on-demand delivery models and enterprises toward aggregating internal and external compute resources into cohesive delivery networks for their internal software. SaaSGrid, a distributed application execution layer, mitigates the traditional burdens associated with tackling these trends. As a result, SaaS companies and enterprises alike can dramatically reduce time to market and service delivery costs.
"In the current economic climate, far fewer venture investments are being made, so we view this funding as a strong vote of confidence in our product, technology and team,” said Sinclair Schuller, CEO and co-founder of Apprenda. "Our investors recognize that SaaSGrid’s technology will play a key role in the transformation of software architecture and delivery. We’re already seeing our SaaSGrid customers achieving 30-60 percent reductions in software development and deployment costs, and taking their on-demand solutions to market at a much faster rate."
With this new investment, Peter Sonsini, Partner at NEA, and Tom Grossi, Principal at NEA, will join Apprenda’s board of directors. Current board members include: Sinclair Schuller, CEO of Apprenda, Jonathan Stillman, of High Peaks Venture Partners and Michael Seckler, co-Founder of Employease (acquired by ADP).
"As an investor in some of the world’s most successful SaaS and infrastructure software companies, NEA has witnessed first-hand the challenges of deploying applications at massive scale," said Tom Grossi, Principal at NEA. "We believe SaaSGrid addresses a tremendous need in the market, enabling the efficient deployment of SaaS offerings and private software delivery clouds.”
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